NAMB Urging Members to Fight YSP Language

Saying that mortgage brokers are facing "extinction," the National Association of Mortgage Brokers is urging its members to learn about pending legislation that would "outlaw" yield-spread premiums and then call their members of Congress to complain.The trade group has set up two conference calls -- one scheduled Nov. 2 -- to inform its members about Rep. Barney Frank's Mortgage Reform and Anti-Predatory Lending Act of 2007, which, among other things, would require all brokers to have a minimum net worth or a bond requirement of $100,000. A Democrat from Massachusetts, Rep. Frank is chairman of the House Financial Services Committee. NAMB government affairs chair Denise Leonard sent an e-mail message to members saying that if the bill passes, "all subprime lending will cease to exist." The association can be found online at http://www.namb.org.