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Whew! This will mean fewer checks when it comes time to buy off the legislators...

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April 17, 2007 – Comments (0)

Mortgage bankers now need only pay off federal officials, as the Supreme Court ruled that the OCC controls mortgage bankers, not the states.

In all seriousness, this should be good news, as complying with umpteen different oversight schemes costs any company a lot of money, expenses which ultimately come out of our hides. But if our congress can't get its act together and make sure the OCC regulates lending effectively, it looks like now, states have no recourse.

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