Federal Reserve Board files Motion to Consolidate NAIHP & NAMB Lawsuits

Federal Reserve Board files Motion to Consolidate NAIHP & NAMB Lawsuits

The Federal Reserve Board filed a Motion in U.S. District Court to consolidate lawsuits filed against them by the National Association of Independent Housing Professionals (NAIHP) and the National Association of Mortgage Brokers (NAMB).

READ the actual Lawsuits

This move was predictable by the Fed, according to Marc Savitt, NAIHP President.  The only reason NAMB was originally assigned a separate Judge, was because their legal counsel failed to acknowledge another related case (NAIHP), had previously been filed.

NAIHP has always believed a united front, would enable the industry to prevail in this matter.

Savitt indicated he is looking forward to working with NAMB to achieve success for consumers and the mortgage and housing industry, while NAMB’s attitude appears to be very negative towards NAIHP?

I’ve read both lawsuits. I’m no big shot lawyer. In my humble opinion, I like the NAIHP suit a LOT better?

Thoughts?


NAIHP Files Lawsuit Against Federal Reserve /LO Compensation

The National Association of Independent Housing Professionals (NAIHP) has files a lawsuit and temporary restraining order against The Federal Reserve  Board over LO Compensation, and new mortgage lender rules.


NAMB files 2nd lawsuit this week against Federal Reserve

NAMB, the National Association of Mortgage Brokers today filed the second lawsuit this week against Federal Reserve Board over the new Lender Compensation rules set to begin April 1, 2011.

NAMB’s lawsuit seeks to obtain a temporary restraining order, and is using different arguments than the lawsuit filed by NAIHP on March 7th.


Lawsuit Filed Against Federal Reserve Over LO Compensation

The National Association of Independent Housing Professionals (NAIHP) Files Suit Against The Federal Reserve over Loan Originator Compensation Rule!!

The Federal Reserve Board has enacted rules which will severely limited consumer choice, increase closing costs, increase interest rates, destroy small lenders everywhere, bankrupt Loan Officers, all while increasing profits for banks.

The first of at least three lawsuits and restraining orders  have finally been filed to stop the madness and overstepping of government, which is set to to start April 1, 2011. Read more at http://naihp.org, and watch the video below from Frank and Brian of TBSWdailyshow.com

If you need a home loan in MN, better apply and lock before April 1, 2011

NAIHP Files Lawsuit Against Federal Reserve Board