Great article by the Ohio Independent Land Title Association on the comment letter submitted by RESPRO. In CAARE’s eyes, RESPRO is an anti-consumer organization dedicated to proliferating controlled business arrangements which cause consumers to be stripped of unbiased decision making in the determination as to the quality of their transaction and it causes consumers to overpay for those stripped down services. Here’s the blog post: “On August 1, 2011, RESPRO submitted their written testimony concerning the Credit Risk Retention Rule found in Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the Dodd-Frank Act). This is the same subject known by normal human beings as the Qualified Residential Mortgage (QRM) rule. RESPRO’s target in the QRM proposal is the 3% “points and fees” threshold that federal regulators propose to adopt as part of the QRM definition in their Risk Retention regulation. RESPRO says the rule unfairly discriminates against the affiliated business model to the detriment of consumers and the mortgage marketplace…”
Here’s the rest of the article (click here).