Comments on: Frank’s Bill H.R. 3915 aka ‘Brokers Worst Nightmare’ Heads to Committee Vote http://blownmortgage.com/2007/11/06/franks-bill-hr-3915-aka-brokers-worst-nightmare-heads-to-committee-vote/ #1 Free Home Loan Modification & Debt Relief Help For US Home Owners - Truths, Facts & News About the Mortgage Industry Sat, 07 Nov 2009 02:53:18 -0700 http://wordpress.org/?v=2.8.3 hourly 1 By: Mike Volpe http://blownmortgage.com/2007/11/06/franks-bill-hr-3915-aka-brokers-worst-nightmare-heads-to-committee-vote/comment-page-1/#comment-6627 Mike Volpe Fri, 09 Nov 2007 19:12:04 +0000 http://blownmortgage.com/2007/11/06/franks-bill-hr-3915-aka-brokers-worst-nightmare-heads-to-committee-vote/#comment-6627 I am glad that you don't want to be self serving in opposing this. Let me give you a few more reasons to opposite. First, unless someone knows the name Lew Ranieri and what he did that eventually lead to this mess, they shouldn't be allowed to pass laws in response to the mess. (of course he did nothing wrong but rather created the market for mortgages now known as mortgage backed securities) Do you think any congress person understands the complexities of our business? If they don't, do you see how dangerous sweeping legislation in response to a crisis could be? Do you think that Congress is passing this law for good policy or good politics? For instance, do you know why it is so easy to rip someone off? Do you think it has anything to do with the hundred plus pages everyone needs to sign? Why is there so much paperwork? How about the plethora of regulations Congress has already created? Think about that. Congress has already regulated this industry to death and the crisis still happened. What does Congress want to do to respond to the crisis, more regulation. Isn't the definition of insanity doing the same thing over and over and expecting a different result? Furthermore, there is all sorts of vague language in this bill. What does vague language mean? THE BORROWER HASN'T SIGNED ENOUGH PAPERWORK YET. Isn't there something about acting in the best interest of the borrower? How will the industry deal with that part of the bill. That's right, they will create yet another useless disclosure that the borrower won't read and sign. How about opposing the bill for the reasons I mentioned. Here is a definitive piece on the mortgage mess and why some groups are targeted (well only one group is targeted) and others aren't. www.proprietornation.blogspot.com/2007/11/from-boon-to-crisis-truth-about.html I am glad that you don’t want to be self serving in opposing this. Let me give you a few more reasons to opposite. First, unless someone knows the name Lew Ranieri and what he did that eventually lead to this mess, they shouldn’t be allowed to pass laws in response to the mess. (of course he did nothing wrong but rather created the market for mortgages now known as mortgage backed securities) Do you think any congress person understands the complexities of our business? If they don’t, do you see how dangerous sweeping legislation in response to a crisis could be? Do you think that Congress is passing this law for good policy or good politics?

For instance, do you know why it is so easy to rip someone off? Do you think it has anything to do with the hundred plus pages everyone needs to sign? Why is there so much paperwork? How about the plethora of regulations Congress has already created? Think about that. Congress has already regulated this industry to death and the crisis still happened. What does Congress want to do to respond to the crisis, more regulation. Isn’t the definition of insanity doing the same thing over and over and expecting a different result?

Furthermore, there is all sorts of vague language in this bill. What does vague language mean? THE BORROWER HASN’T SIGNED ENOUGH PAPERWORK YET. Isn’t there something about acting in the best interest of the borrower? How will the industry deal with that part of the bill. That’s right, they will create yet another useless disclosure that the borrower won’t read and sign.

How about opposing the bill for the reasons I mentioned.

Here is a definitive piece on the mortgage mess and why some groups are targeted (well only one group is targeted) and others aren’t.

http://www.proprietornation.blogspot.com/2007/11/from-boon-to-crisis-truth-about.html

]]> By: H.R. 3915 Mortgage Reform Bill Passes Committee with Important Changes http://blownmortgage.com/2007/11/06/franks-bill-hr-3915-aka-brokers-worst-nightmare-heads-to-committee-vote/comment-page-1/#comment-6527 H.R. 3915 Mortgage Reform Bill Passes Committee with Important Changes Wed, 07 Nov 2007 17:22:29 +0000 http://blownmortgage.com/2007/11/06/franks-bill-hr-3915-aka-brokers-worst-nightmare-heads-to-committee-vote/#comment-6527 [...] The Mortgage Reform and Anti-Predatory Lending Act of 2007 that would surely put a major dent in mortgage broker-originated lending passed the House of Representatives Financial Services Committee yesterday by a vote of 45 to 19. [...] [...] The Mortgage Reform and Anti-Predatory Lending Act of 2007 that would surely put a major dent in mortgage broker-originated lending passed the House of Representatives Financial Services Committee yesterday by a vote of 45 to 19. [...]

]]> By: north carolina mortgage loans http://blownmortgage.com/2007/11/06/franks-bill-hr-3915-aka-brokers-worst-nightmare-heads-to-committee-vote/comment-page-1/#comment-6502 north carolina mortgage loans Wed, 07 Nov 2007 04:26:07 +0000 http://blownmortgage.com/2007/11/06/franks-bill-hr-3915-aka-brokers-worst-nightmare-heads-to-committee-vote/#comment-6502 i hope they dont pass it! at least it needs to pass with the senate afterwards...then the president...so it's got a while to go i hope they dont pass it! at least it needs to pass with the senate afterwards…then the president…so it’s got a while to go

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