NAMB Sues Bernanke Too

When the National Association of Independent Housing Professionals sued the Federal Reserve on Monday, the trade group kept it "all business" by naming the agency only. But not the National Association of Mortgage Brokers. In its lawsuit seeking to derail the coming loan officer compensation rule, it names as defendants Fed chairman Ben Bernanke and Sandra Braunstein, director of the central bank's division of community affairs. NAMB paints a dire portrait of the broker community saying, "The rule's restrictions are causing NAMB and its members immediate, devastating and irrevocable harm. Mortgage brokers are already losing their life blood — their loan officers — and planning to cease their operations and close their doors as a direct result of the Challenged Section of the Rule."