A new predatory lending bill,
H.R. 3915, The Mortgage Reform and Anti-Predatory Lending Act of 2007, was introduced into the House Financial Services Committee. The bill proposes that the payment of yield spread premium to mortgage brokers be prohibited. But the National Association of Mortgage Brokers warned that the YSP provision will harm borrowers, noting in an announcement, "The indirect compensation mortgage brokers receive from lenders is a defendable fee that actually lowers closing costs to consumers."
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