25 May 2007 07:23 am
Mortgage Brokers: Are They Friends or Foes for Borrowers?
| The political debate over how to deal with a surge in [tag]defaults on home loans[/tag] is raising a question that consumers ought to consider: Is my [tag]mortgage broker [/tag]really working for me? Borrowers often see mortgage brokers as their allies, searching far and wide for just the right home loan at an attractively low price. But many brokers are making it clear they don’t see things that way. They are fighting efforts by federal and state politicians to impose a fiduciary duty on them to put their customers’ interests first, as lawyers, real-estate agents and financial planners generally are required to do with their clients. |
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