Legislation's Passage Could Raise Rates 2% - Mortgage Forums for Mortgage Brokers

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Legislation's Passage Could Raise Rates 2%

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10-30-2007, 02:41 PM

Veronica Corningstone Veronica Corningstone is offline

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Legislation's Passage Could Raise Rates 2%

Proposed bankruptcy legislation would enable judges to "cramdown" debt on primary residential mortgages, the Mortgage Bankers Association chairman-elect said in testimony today, according to an announcement. He was speaking before the House Judiciary Committee's Subcommittee on Commercial and Administrative Law. "If this bill becomes law, we believe mortgage rates would jump significantly, going up 1½ to 2 points," he reportedly testified.

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