With Millions Of Cheated US Homeowners, Americas Watchdog Demands Banks and Mortgage Bankers Dislose The Yield Spread Premium Kick Back On All US Mortgages

( PRWEB ) January 7, 2008 — Americas Watchdog and its National Mortgage Complaint Center are the premier consumer advocates focused on mortgage lending in the United States. For the last four years Americas Watchdog has been vocal about ridiculous double standards that exist in the US mortgage industry.

Because of these double standards, Americas Watchdog estimates that 9 out of 10 current US homeowners pay a higher monthly mortgage payment than what they could have, or should have received when they financed or refinanced their home. Americas Watchdog and its National Mortgage Complaint Center ( Http://NationalMortgageComplaintCenter.Com ) have described the yield spread premium , as a the most ridiculous mortgage double standard and, as the worst kick back scheme in US history.

A yield spread premium is a kick back banks or mortgage lenders receive for inflating a consumer s interest rate on a home loan. According to Americas Watchdog, mortgage brokers have to disclose this kickback to consumers, but banks and mortgage bankers are exempt from this disclosure requirement . Also known as a rebate; according to Americas Watchdog, yield spread premiums have a whole lot to do with the current US real estate disaster.

Had US consumers actually been able to see what their bank, or mortgage banker was making off their mortgage transaction, or how much it increased their monthly mortgage payment, most consumers never would have agreed to do the mortgage in the first place.