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AIG Lobbying against controls on Mtg industry

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Riick

Thread Starter
Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
After receiving an emergency loan that gave the government an 80% ownership stake,
AIG is lobbying to soften controls on the mortgage industry.


AIG is currently working to ease some provisions in a new federal law establishing
strict oversight of mortgage originators, according to state regulators.

The law requires that originators be licensed by the states, and that they supply
comprehensive information so state regulators can track their activities.

The goal of the new rules is to hold originators accountable if they engage in the
sorts of improper or fraudulent lending that ultimately contributed to AIG's downfall.

The law was passed by Congress in July as part of a sweeping housing-industry rescue package.

Some financial institutions contend the SAFE Act's licensing fees and requirements are too expensive,
and the extensive background information required about loan originators could violate their privacy.


They further worry that the state-based system will prove too costly and cumbersome to be effective,
and want more transparency over how licensing fees paid by the industry are spent by the states.

Regulators say they are working with the institutions to address those issues.

But some of them say that AIG and other financial-services companies
keep raising new objections to slow down the implementation............
 

Laughing Heir

Senior Member
Joined
Oct 16, 2007
Professional Status
Certified General Appraiser
State
Pennsylvania
Where is that 'puke' emoticon when you need it.
 

SmilingDog

Member
Joined
Apr 22, 2003
Professional Status
Certified Residential Appraiser
State
California
They have the money now to do it.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
You can bet the beneficiaries of our Treasurer's largess will be manifested in attempts to leverage the bailout money to make even more money off the hapless taxpayer.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Here take our money and then use to lobby against us having anything to say about how you spend it. What is wrong with this picture?
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
Am I understanding this right, AIG is now owned 80% by the US Government,
and so they are lobbying regulators on how the mortgage industry should be
less regulated. That's hutspah! But something is very, very wrong still.
 
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