WASHINGTON (AP) - The National Association of Mortgage Brokers paid Porterfield & Lowenthal LLC $140,000 to lobby the federal government in the first half of 2007, according to a recent disclosure form.
The firm lobbied on legislation dealing with mortgage disclosures and reform, data security and other matters, according to the form posted online Aug. 13 by the Senate's public records office.
Countrywide Financial Corp., Wells Fargo Home Mortgage, Fannie Mae, Freddie Mac and others are among the association's members. Fannie and Freddie were created by Congress to make home ownership affordable for low- and middle-income people.
Countrywide and other lenders have been slashing jobs and borrowing money to stay in business as the housing slump led to jumps in mortgage defaults and foreclosures, particularly among borrowers with subprime loans.
Under a federal law enacted in 1995, lobbyists are required to disclose activities that could influence members of the executive and legislative branches. They must register with Congress within 45 days of being hired or engaging in lobbying.
The National Association of Mortgage Brokers is based in McLean, Va.
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Who should I get in contact with about a states own laws about mortgage broker bonds and as such, how would I get a mortgage bonds form? I life in England and am considering moving to America, don’t know where yet however I was doing some general reading about housing and came across the term mortgage broker bonds and am a little confused, is it a mortgage or a loan to acquire a mortgage?
Also if I want to set up life insurance do I need insurance bonds? Or can I simply open a policy with a company? I’m a little confused by some of the jargon. I am not moving anytime soon but thought I should be aware of things I will need to understand.
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