to my fellow mortgage professionals Hr3915?

Question

I would like to know what is your feeling on HR 3915 and how do you think it will affect you personally?

I think so much of this bill is bs and is looking to eliminate this profession..alot of consumers dont realize how harmful this would be to them.. we would be taking a huge step backwards banks offering mortgages at 15% or more values of property dropping drastically..it will become a monopoly once again no competition..people in this field will become unemployed, granted there are some bad apples but i dont see why good ethical people should have to pay for it..

I think so much of this bill is bs and is looking to eliminate this profession..alot of consumers dont realize how harmful this would be to them.. we would be taking a huge step backwards banks offering mortgages at 15% or more values of property dropping drastically..it will become a monopoly once again no competition..people in this field will become unemployed, granted there are some bad apples but i dont see why good ethical people should have to pay for it..

Answer 1

I don't want congress passing any bills that prohibits me in my business.

These people have hard time with Morales, now they want to try and tell me about running my business and being unethical to my clients.

This bunch of idiots have one guy that had $90,000 in his refridge. Have they done anything to this guy. No he is still drawing his salary. I don't see any bills being passed that ask this individual to show where he got the money from.

Another guy is charged and pays a fine for attempting to pick up a homosexual guy in a bath room at a major airport. He agrees to step down. Not only does he not step down, but he went back to court to try and get his plea over turned.

Those are just two cases, of many that I can site.

Now you want these same people saying that I am not an ethical individual and do predatory lending as well as restrict the clients of a choice of mortgage programs.

Their public opinion polls are somewhere around 18% saying that over 80% of Americans don't even trust these idiots.

They have no idea as to what they are doing and now they want to pass this piece of legislation.

No I do not like the legistation, nor do I appreciate those that are limited my income resources.

I hope all the mortgage professionals are writing and emailing their congress persons and backing our groups that oppose this legistaliton.

If we don't we only have ourselves to blame.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 2

I don't want it to see it pass. I don't think there should be a nationwide registry. If states want us to get licensed as an originator then so be it. There are many states already that require originators get licensed. The Federal government has no idea what our job entails. There are many honest loan orginators out there that are going to be hurt by this bill. I for one will be hurt by the bill.

I already called Barney's office and let them know how I felt and how much I can be hurt. Now there has been many changes already. Barney claims he had no idea what the YSP's were all about and how they are already disclosed at settlement. So that part of the bill has been taken out. I heard the bill will go to the floor on Thursday. We should take a good hard look at the people we put in power. We should not reelect anyone that is going to hurt our industry. If they can hurt our industry they can destroy others. What is going to stop them? Maybe they should go after the realtors next. They are just in as much fault for the real estate crash as our lenders we use.

Maybe we should try to pass our own bill in regulating the politicians on how they conduct business and pass laws. I guarantee it they wouldn't like it.

Answer 3

if congress feels that it's for my own good, i agree. . . . . These wise men and women only have my best interest at heart.