The Federal Reserve is banning mortgage brokers and lenders from reaping bigger fees by steering consumers into more expensive home loans.
The National Association of Mortgage Brokers spent $400,000 in the second quarter to lobby the federal government on housing and other issues, according to a disclosure report.
Mortgage loan originators will have to be fingerprinted and sign up to a central registry to do business in future, according to new rules issued by the Federal Reserve and other regulators.
Loan officers at banks will be required to provide their names and fingerprints to a national database as part of an effort to crack down on shady operators who fed the real estate bubble.
TODAY’s Jane Pauley profiles Robert Rudolph, a former mortgage broker with a mountain of debt who cashed everything in to pursue his dream of becoming a church musician.
Alan “Ace” Greenberg, the Wall Street firm’s defiant former CEO, discloses his regrets, his beef with mortgage brokers, and why he thinks financial reform isn’t necessary.