Comments on: Schwarzenegger Signs Reverse Mortgage Elder Protection Act Into Law

By: Anonymous

Anonymous — Fri, 16 Oct 2009 19:29:00 +0000

I just heard from one of my lenders that it is pretty much etched in stone that YSP is gone in the beginning of 2010 and they are just trying to figure out the wording and the exact time to announce this. Anybody else know anything on this?

By: EricSD

EricSD — Fri, 16 Oct 2009 17:29:38 +0000

By: junglegene

junglegene — Wed, 14 Oct 2009 14:42:14 +0000

Is it true that application can not be taken before counseling and completed checklist has occurred?

By: The_Critic

The_Critic — Tue, 13 Oct 2009 16:47:40 +0000

I should know…..

By: Louise321

Louise321 — Tue, 13 Oct 2009 15:08:26 +0000

Propane delivery men? lol

By: The_Critic

The_Critic — Tue, 13 Oct 2009 14:43:20 +0000

dduck12,

As well as attorneys, real estate brokers, propane delivery men, CPAs, and on and on it goes.

By: dduck12

dduck12 — Tue, 13 Oct 2009 11:44:06 +0000

50 states. Sounds like the insurance business.

By: James_E_Veale_CPA_MBT

James_E_Veale_CPA_MBT — Tue, 13 Oct 2009 10:39:26 +0000

kpr2570,

Although the MBA has attempted a state model bill, I do not believe it has the remotest chance of being the law of the land. Many commentators have embraced the idea of a national law imposing certain rules on the states.

The issue appears to be a constitutional one. There is also the question of which department or agency would regulate and oversee it. HUD has expressed it has absolutely no interest in overseeing such an act.

Despite the “good idea,” without some impetus pressing upon all of the parties, the chances of any national law seem minuscule. I suggest if you have an idea on how that can be done that you contact the MBA to present it.