Bill 3915 is progressing towards a vote in Congress after passing through the House Finance Committee. If Barney has his way, mortgages will be changed drastically and not all for the better. Consumers will have financial freedoms taken away. Apparently some of our elected officials don't feel consumers can handle the responsibility of owning and financing a home. They're correct on a small scale; yet they are going to punish the masses (consumers and lenders alike).
When I think of the people who I have helped buy homes or restructure their mortgage who would not be able to have a mortgage based on this proposed legislation, it sickens me. Last year, I helped a woman who's husband had lost his battle to cancer. She was relocating back to Seattle to be closer to family and did not have a job. We were able to do a "no job" loan based on her credit and down payment. This type of program may not exist if Barney Frank gets his way.
If you are a successful home owner who may have used subprime or alternative financing (stated income, interest only, etc.); speak up or lose your financial freedom. If you could only use The Bank of Barney Frank, you would not own a home without private financing and you may have troubles (fewer options) refinancing. Don't worry though, Barney will do what he can to make sure you can use the money to gamble on line instead of using it for something as dangerous as a mortgage.
Regarding legalizing on-line gambling, Mr. Frank states
"...adults who work for their money, in the comfort of their homes, should be allowed to engage in a form of recreation which they enjoy and which has no conceivable negative impact on anybody else..."
How can suffering gambling losses or supporting people with addictions to gambling be "suitable" to Mr. Frank? Argh!
If you are opposed to having this bill pass, I encourage you to take action and contact your representative in Congress and let them know how you feel. You can copy and paste the letter below and forward it via email to your congress person.
<<YOUR STATE REPRESENTATIVE>>
Dear President George W. Bush, U.S. Senator Jon Kyl, U.S. Senator John McCain, U.S. Rep. Harry E Mitchell:
We want to express our opposition to H.R. Bill 3915. We believe it is burdensome to the independent mortgage broker, anti-competitive, and in the name of consumer protection, it will actually harm consumers. In an already tough lending and real estate environment, this bill will put additional unneeded pressure on real estate prices and cause unforeseen harm to homeowners, mortgage professionals and real estate professionals everywhere. It will also limit the choices consumers have in finding a residential mortgage loan to strictly large financial institutions.
Sincerely,
<<YOUR NAME>>
<<YOUR ADDRESS>>
http://www.namb.org/images/namb/GovernmentAffairs/Section%20by%20Section.pdf
We endorse the NO on H.R. 3915 Petition to U.S. Senator Jon Kyl, U. S. Senator John McCain, President George W. Bush, U. S. Rep Harry E Mitchell.
Read the NO on H.R. 3915 Petition
104,000 Total Signatures as of 11/7/2007
http://www.petitiononline.com/mod_perl/signed.cgi?HR3915
