Americas Watchdog Accuses Federal Reserve & Congress of Looking the Other Way On U.S. Banks and Mortgage Bankers Hiding A Huge Mortgage Kick Back Called a Yield Spread Premium That Affects 50 Million Current U.S. Homeowner's Monthly Mortgage Paym

 09.07.2008 03:33   prweb.com

According to Americas Watchdog, "The US Federal Reserves suggestion to clamp down on mortgage bankers, and US banks is a pathetic joke. The most important issue, called a yield spread premium, was for obvious reasons overlooked. The US Federal Reserve should be forced to explain to Congress why US banks and Mortgage Bankers do not have to disclose a huge kick back for inflating 50 million+ US homeowners interest rate/monthly mortgage payment." There is one slight problem. According to Americas Watchdog, "The US Congress has been bought and paid for by US Banks, US Mortgage Bankers, and National Home Builders for years. The poster boy for this is US Senate Banking Committee Chairman Chris Dodd (D) (source NY Times). He's a perfect example of a bought and paid for member of Congress. He received a wink and a kiss mortgage from the now notorious mortgage lender, Countrywide Home Loans." (PRWeb Jul 9, 2008) Read the full story at http://www.prweb.com/releases/2008/07/prweb1086024.htm

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