Ron Paul Supporters, I Need Your Help!
Submitted by matthewdnye on Wed, 11/14/2007 - 07:54This is somewhat off topic, but I am desperate, so I apologize in advance:
Dear fellow Ron Paul supporters, I am a mortgage broker that lives in Florida, and my industry is under attack.
Barney Frank, MA (D), the Chair of the House Financial Services Committee has introduced a bill that will wipe out my industry and wreak havoc on an already troubled housing market and economy. The bill is HR 3915 and it is called the "Mortgage Reform & Anti-Predatory Lending Act of 2007", and it passed through Committee early last week.
I will not go into all of the details of why it is bad here, but the bill, in a nutshell, seeks to substitute the judgment of lenders and consumers with that of bureaucrats in Washington. I do not think I need to explain why that is bad to this crowd.
Please visit my web site at http://www.stophr3915.com for more information and to find out what you can do to help. The bill could go for a full vote as soon as tomorrow, so time is of the essence.
This bill is not being talked about in the MSM, but it will have a dramatic impact on the housing market and thus the entire economy should it pass...
signed
signed
"Free government is founded in jealousy, and not in confidence; it is jealousy and not confidence which prescribes limited constitutions." Thomas Jefferson, Kentucky Resolutions of 1798
Signed!
Signed!
Just another symptom
I'm curious what the percentage of foreclosures is in your industry? how about loans issued by your company? How do they compare?
Sorry I don't have much sympathy for mortgage companies. When the avalanche of advertising came out a few years ago for great deals on second mortgages it was obvious what would happen. Every one of you guys KNEW what would happen.
As for Barney's move I'm not interested in fighting it. Just another symptom of a dying Republic.
95% of congress just doesn't get it and never will.
_______________________________
..Without the truth we have nothing
A loan, any loan, is a
A loan, any loan, is a private contract between borrower and lender. Private contracts are obligations that a responsible person knowingly, willingly, and voluntarily enters into, cannot be broken under our system of law.
If you sign up to deliver the moon and fail, that's your problem, not the government's.
I'm all for it Matt.
"A free people ought not only to be armed and disciplined but they should have sufficient arms and ammunition to maintain a status of independence from any who might attempt to abuse them, which would include their own government." -- George Washington
"In matters of style, swim with the current. In matters of principle, stand like a rock." - Thomas Jefferson
I signed, but one small omission
Bernanke is inflating the dollars in my wallet right now because of the mistakes in your industry to bail out the lenders. And when the banks and S&Ls fail and the FDIC will have to pay off? That comes out of my taxes.
Let the lenders eat the bad loans - they were supposed to take the risk. If you wanted to do "no-doc" loans, and it turned out the no-doc meant no-income, it shouldn't be my problem.
And that may be happening:
http://iamfacingforeclosure.com/article/20071113_Boyko/01.html
And please reciprocate with my attempt to "turn the other cheek" and sign his petition. It won't over regulate you, it will simply make sure everything is done in the sunlight. If I'm buying a package of loans, I should know what's inside. If I'm originating a loan, I should state what I'm promising to the funding pool and the homebuyer.
Or as RP might say, with freedom comes responsibility.
The petition I'm asking about doesn't mention mortgages in any traditional sense, only the shells of the shell-game that are CDOs, CDO-squareds, SIVs, ABCP, etc. There can be no "no-doc" loans legitimately rated as AAA. I believe in helping the poor, but packaging a group BBB- people makes the result a BBB- security, not an AAA security. That is fraud even if it was technically a legal fraud. But these things are in pension funds (including public pension funds which will require tax money and the Pension Guarantee Trust agency to make up - I forgot about them).
Or please come to my office, and look at our collective FICO scores, and let us roll-over our credit cards as if we were all at 800. I doubt you would. And I would have no problem with that.
It all of a sudden just hit me.
This seems to be the problem with America. It starts off with something good, or we think so. Yeah...the veteran that can't come up with a down payment, we need to help them. Lets give them a loan...the VA loan. Then the FHA, because every citizen (and illegal) needs to own a home. But then there needs to be a bunch of legislation to define, maintain, and monitor all these programs. And when the programs go bad, then there needs to be more legislation. And when the banks have problems then we need to bail them out.
How much real work would congress get done if we did not have our fingers in all these areas that the constitution does not give the Federal Government?
OK, However
Will you also agree to give up any federal subsidies used to bail out lenders who write bad loans?
As it stands, it seems that the Lenders who made the bad loans are protected, but the people who made the bad loans still loose there house.
I will certainly go for a reduction of regulation, as long as it is preceded by an end to government subsidies, including the Feds fixing of interest rates.
i agree but...
if you really think about it very few people put any money down
so if bought a house with nothing down and then get foreclosed on they were really just renting it and walk away.
i am against the bail outs for the banks but even with it the banks are losing money from the bad loans and the people who took the loans lost nothing because they never put money into the house other then paying the mortgage aka 'rent'
Agreed!
Ditto.
Dump
ditto!
I am for getting government out of the loan business!
I am for that as long as you go all the way and stop all FHA and VA loaning also. Make sure that everyone goes conventional. If you don't have money for a conventional loan....10% down then you don't have enough money to buy a house. "Borrower is slave to the lender!"