California Mortgage Brokers Dodge A Bullet
September 29th, 2008 categories: Rants & Riffs
California’s Governor, Arnold Schwarzenegger, just vetoed a bill that would have put a great deal of regulation on the State’s mortgage brokerage community. The fact that the CA legislature was trying to regulate the mortgage industry is a sign of the times. I am happy that the bill was killed, further regulation of an important source for financing could exacerbate an already dwindling supply of mortgage sources. Axing the bill has National relevance too, passage of a law in California could send a signal to other States (Hawaii) to pass similar laws.
“The governor said the proposal would put state-regulated mortgage brokers at a competitive disadvantage against other brokers handling federally regulated mortgages.”
CLICK HERE TO READ THE LA TIMES ARTICLE
I am not defending unscrupulous mortgage brokers (they should figuratively be strung up), but with all the regulation in the air, I think it is important to defend free markets.
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