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ABOUT THE AUTHOR
PLEASE VISIT MY SITE
HTTP://INSURANCE.JIMDO.COM
Fatima graduated with a Bachelor's degree in Economics from ColumbiaUniversity and received a Masters in Economics from Singapore NationalUniversity. Fatima comes from a political background, her father Mir MurtazaBhutto - an elected member of Pakistan's parliament - was assassinated bystate police in 1996. His sister, Benazir Bhutto, was Prime Minister at thetime of his killing. Fatima is the author of two books, understanding thefinancial system published when she was 15 years old and basics of debtmanagement. Both were published by Oxford University Press.Fatima currently writes a weekly column for Pakistan's largest Urdudaily newspaper, Daily Jang, and its English sister paper, The NewsInternational. Recently She has completed her MBA in Finance from HarvardUniversity in 2006. Her diary from Tehran is the second the papersprinted; Fatima also wrote a weekly diary from Lebanon .
 
How to Read a Wholesale Lender RateSheet and Beat Mortgage Originators at Their Own GameFATIMA BHUTTOMortgage Banks and Brokers everydayare closing home buyers and refinancersat a higher rate than they deserve! Thisartificial upping of the rate and therevenue created by doing so are hiddenfrom the customer. This hidden ripping-off of the mortgage consumer is called YieldSpread Premium overchaging if the loanis originated by a broker and ServiceRelease Premium overcharging if the loanis originated by a mortgage bank...youknow, Countrywide, Wells Fargo, or Bankof America.Prof. Howell E. Jackson, Associate Deanfor Research and Special ProgramsHarvard Law School, testified before the
 
Senate Banking Committee on January 8,2002, and testified to the following:"...the vast majority of borrowers payyield spread premiums - on the order of 85 to 90 percent of all transactions.Moreover, the average amount of yieldspread premiums is quite substantial, onthe order of $1,850 per transaction,making these payments the mostimportant single source of revenue formortgage brokers. In other words,contrary to the Department'sassumptions, yield spread premiums arenot an optional form of financing madeavailable to a limited number of borrowers with special needs. Ratherthese payments constitute by far thelargest source of compensation formortgage brokers and are imposed onalmost all borrowers who obtain
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