tag:blogger.com,1999:blog-2951729905080621137.post7273573677748901706..comments2024-01-28T03:46:02.683-05:00Comments on Mortgage News Digest: Broker v. Lender: Lender's Perspective - Trying to Make Sense of QM Pricing ModelThomas Morgan 202-550-LOANhttp://www.blogger.com/profile/03341328785507458855noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-2951729905080621137.post-71793461926498550032014-01-09T19:55:58.470-05:002014-01-09T19:55:58.470-05:00I did change the phrase to "may" as you ...I did change the phrase to "may" as you made such an excellent point on this matter. Do you really believe that the "Safe Harbor", as it applies in a litigation context, doesn't really exist?Thomas Morgan 202-550-LOANhttps://www.blogger.com/profile/03341328785507458855noreply@blogger.comtag:blogger.com,1999:blog-2951729905080621137.post-28542941425038901242014-01-09T17:55:28.598-05:002014-01-09T17:55:28.598-05:00Fair enough sir. Just trying to help.Fair enough sir. Just trying to help.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2951729905080621137.post-48010029477965354712014-01-09T14:24:28.891-05:002014-01-09T14:24:28.891-05:00That is an excellent point "anonymous". ...That is an excellent point "anonymous". This is a point we have been trying to make - there is no limit to potential litigation loss, even under a putative "safe harbor". The phrase you reference is a paraphrase of the agency commentary, not my own invention. It is completely true that, once litigation starts, there is no telling what a judge will do. Thomas Morgan 202-550-LOANhttps://www.blogger.com/profile/03341328785507458855noreply@blogger.comtag:blogger.com,1999:blog-2951729905080621137.post-145374196671495742014-01-09T13:25:48.329-05:002014-01-09T13:25:48.329-05:00Thomas,
You got some good stuff here. Not sure wh...Thomas, <br />You got some good stuff here. Not sure whether you have any legal background or not, but as an attorney I can tell you that you should refrain from making statements pertaining when a court will or will not dismiss an action (see 4th sentence in The Objective: A Qualified Mortgage). There are many factors that will go into play before a judge takes a case of the jury's hands. While the lender may have used Appendix Q, it does not mean it used it correctly or whether the point and fee calculations were correct. A Safe Harbor is just a cushion. A good attorney would simply focus his plan of attack on establishing that the proposed QM had a defect. Once established, he/she can allege non-compliance with ATR. Note that I said allege. Litigation is long and windy road with many turns and twists. As attorney, we don't always know how things will turn out but how they most likely may. Thus we never make statements like "a court necessarily would dismiss the action." You should not either. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2951729905080621137.post-89586359764841385552013-09-16T08:04:48.490-04:002013-09-16T08:04:48.490-04:00When will the lending industry unite and just say....When will the lending industry unite and just say.....No More! Anonymoushttps://www.blogger.com/profile/15219128307416515614noreply@blogger.comtag:blogger.com,1999:blog-2951729905080621137.post-76845106165363052462013-09-11T10:55:44.147-04:002013-09-11T10:55:44.147-04:00Great explanation and helpful spreadsheet Thomas, ...Great explanation and helpful spreadsheet Thomas, great job!Anonymousnoreply@blogger.com