The House Financial Services Committee Mortgage Reform and Anti-Predatory Lending Act of 2009,aimed at curbing abusive and predatory lending a major factor in the nation’s highest home foreclosure rate in 25 years. The bill would outlaw many of the egregious industry practices that marked the subprime lending boom, and it would prevent borrowers from deliberately misstating their income to qualify for a loan.The legislation, sponsored by Reps.“Probably ten million American families will lose their home to foreclosure in the next four years, many of them falling out of the middle class and into poverty,” said Rep. Miller. “It is shameful that the mortgages that lead to the foreclosure crisis were ever made. We certainly can’t let it happen again.”“I’m excited that we are moving forward to try to stop the kinds of predatory and irresponsible mortgage loan practices that led to the credit and economic meltdown we are now experiencing,” said Rep. Watt. “If we had passed this law years ago when Brad Miller and I started introducing this legislation, perhaps we wouldn't be in the mess we're in today. But it's better late than never.”

Mortgage and Financial Services is a full service mortgage broker registered with the NY State Banking Department. With Joseph Mazella III as the supervising broker, our dedicated team is here to provide you with only the highest level of customer care and satisfaction. Having a combined 50 years of mortgage experience among us, you can be confident that all of your lending needs will be taken care of in a professional and timely manner.At Great Atlantic, a trained team member will always be available to evaluate your situation and discuss different solutions with you. The personalized interaction between our group and our clients is the most important aspect of our company's culture. Our door is always open for a visit and consultation.

Once you've done the basic calculations and completed a financial statement, you can ask a lender or loan broker for a prequalification letter saying that loan approval for a specified amount is likely based on your income and credit history. Prequalifying lets you determine exactly how much you'll be able to borrow and how much you'll need for a down payment and closing costs.Unless you're in a very slow real estate market however, with lots more sellers than buyers, you will want to do more than prequalify for a loan: You will want to be preapproved -- that is, guaranteed -- for a specific loan amount. This means a lender has already checked your credit and evaluated your financial situation, rather than simply relied on your own statements. Preapproval means that the lender would actually fund the loan, pending an appraisal of the property, title report, and purchase contract.

The bill would ensure that mortgage lenders make loans that benefit the consumer and prohibit them from steering borrowers into higher cost loans. It would establish a simple standard for all home loans: institutions must ensure that borrowers can repay the loans they are sold. For mortgage refinancings, the bill requires that all loans provide a net tangible benefit to the consumer. Also, for the first time ever, it would make the secondary mortgage market responsible for complying with these standards when they buy loans and turn them into securities.