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Reply #19: What many of these mortgage brokers do is shuffle clients [View All]

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Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010)

depakid

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Mon Sep-24-07 01:43 PM
Response to Reply #18

19. What many of these mortgage brokers do is shuffle clients

Edited on Mon Sep-24-07 01:45 PM by depakid

to loans with higher rates and fees than they were entitled to (often times these are "hidden" in the sense that they're way down in the fine pint). Indeed, many companies actually had incentives and bonuses for brokers who did that.

Amending TIL to account for these sorts of new "products" would certainly have made that a lot harder.

As would criminal statues enforced by regulatory agencies.

Not sure if its "breach of contract" per se, not in the real estate market, but it certainly might fall under fraud or some other regulatory violation.

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