Frank’s Bill H.R. 3915 aka ‘Brokers Worst Nightmare’ Heads to Committee Vote

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Barney Frank’s wide-sweeping, over-the-top, good-intentioned, poorly focused bill The Mortgage Reform and Anti-Predatory Lending Act of 2007 is headed to a committee vote today and if it passes will make its way to the House of Representatives floor for debate and an eventual vote. While it is early in the process any bill making its way to the floor has some serious steam behind it (especially one that has certainly been fast-tracked). Click here for the in-depth overview that I gave on the mortgage reform legislation here.

I have received a dozen emails or more calling on mortgage professionals to contact their legislators and tell them that they oppose Frank’s legislation. I have been harangued for not being in the National Association of Mortgage Brokers. People have told me that I don’t care about my future if I’m not contacting my legislator. Let me set the record straight on this point:

If I do contact my legislator it will be because I think the bill negatively impacts consumers, not because it threatens broker existence.

If you however, are worried about your future and would like to contact your legislator today would be the day to do it. I imagine that if you are remotely connected in the industry you’ve already received a templated email and directions on how to reach your representative. A quick word (or two) of advice if you choose to write your representative: 1) do it via email (regular mail gets scanned and is backed up getting to rep’s offices and 2) alter the letter and subject line in some non-trivial way so that it doesn’t get grouped with the rest of the templated responses.