On Tuesday May 14, 2013 Senator Joe Manchin (D-WV) and Senator Mike Johanns (R-NE) introduced S. 949 "The Consumer Mortgage Choice Act" in the United States Senate. The legislation addresses discrimination in the calculation of fees and points under the 3% cap on fees and points in the Qualified Mortgage rules.
The legislation is a companion to H.R. 1077, introduced by Representative Bill Huizenga (R-MI) and David Scott (D-GA) in the House of Representatives this March. The legislation is critical, particularly to real estate firms with affiliates and small and mid size… Read More