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2009-12-29 — housingwire.com
Illinois’ attorney general Lisa Madigan urged the Federal Reserve to end financial incentives for loan officers and mortgage brokers for the types of loans written for borrowers.
According to a statement from Madigan’s office, federal law allows lenders to receive bonus compensation based on the type of loan issued, meaning loan officers who place borrowers in higher risk, adjustable-rate mortgages may actually receive incentives to do so.
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