Miller: Blame the brokers

ryanteaguebeckwith — Tue, 16 Oct 2007 12:15:38 -0400

U.S. Rep. Brad Miller says brokers are to blame for the high foreclosure rate.

In a post on his Daily Kos blog, the Raleigh Democrat points out that mortage brokers originated 71 percent of subprime loans, saying they are "much more aggressive" than traditional lenders.

He argues that the loans are rigged against unsophisticated borrowers, who often have to refinance a few years down the road, losing equity and racking up new fees.

As the debate in Congress heats up over predatory mortgage lending practices and the subprime foreclosure epidemic, you’ll see prosperous-looking industry spokesmen speak up for consumer choice, and argue that reform proposals would violate all that is sacred, and will only make things much, much worse.

He says they "made this mess in the first place."

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Miller: Blame the brokers