Gov't Mortgage Related Legislation

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profette_IHB

profette_IHB

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<p>There are more than 68 bills and resolutions moving along through the House and the Senate that are related to mortgages. Here are a few:</p>

<p><strong>1 . </strong>American Home Ownership Preservation Act of 2007 (Introduced in Senate)<a href="http://thomas.loc.gov/cgi-bin/query/D?c110:1:./temp/~c110yuqlbb::">[S.2114.IS]</a>


<strong>2 . </strong>Homeownership Protection and Enhancement Act of 2007 (Introduced in Senate)<a href="http://thomas.loc.gov/cgi-bin/query/D?c110:2:./temp/~c110yuqlbb::">[S.1386.IS]</a>


<strong>3 . </strong>Foreclosure Prevention and Homeownership Protection Act (Introduced in House)<a href="http://thomas.loc.gov/cgi-bin/query/D?c110:3:./temp/~c110yuqlbb::">[H.R.3666.IH]</a>


<strong>4 . </strong>Stabilizing Affordable Housing for the Future Act (Introduced in House)<a href="http://thomas.loc.gov/cgi-bin/query/D?c110:4:./temp/~c110yuqlbb::">[H.R.44.IH]</a>


<strong>5 . </strong>Whereas home ownership is an important part of realizing the American Dream; (Engrossed as Agreed to or Passed by House)<a href="http://thomas.loc.gov/cgi-bin/query/D?c110:5:./temp/~c110yuqlbb::">[H.RES.526.EH]</a>


<strong>6 . </strong>Whereas home ownership is an important part of realizing the American Dream; (Introduced in House)<a href="http://thomas.loc.gov/cgi-bin/query/D?c110:6:./temp/~c110yuqlbb::">[H.RES.526.IH]</a>


<strong>7 . </strong>Whereas home ownership is an essential part of realizing the American Dream; (Introduced in House)<a href="http://thomas.loc.gov/cgi-bin/query/D?c110:7:./temp/~c110yuqlbb::">[H.CON.RES.127.IH]</a>


<strong>8 . </strong>To amend the Servicemembers Civil Relief Act to extend from 90 days to one year the period after release of a member of the Armed Forces from active duty during which the member is... (Introduced in House)<a href="http://thomas.loc.gov/cgi-bin/query/D?c110:8:./temp/~c110yuqlbb::">[H.R.1750.IH]</a>


<strong>9 . </strong>STOP FRAUD Act (Introduced in Senate)<a href="http://thomas.loc.gov/cgi-bin/query/D?c110:9:./temp/~c110yuqlbb::">[S.1222.IS]</a>


<strong>10 . </strong>Foreclosure Tax Relief Act of 2007 (Introduced in House)<a href="http://thomas.loc.gov/cgi-bin/query/D?c110:10:./temp/~c110yuqlbb::">[H.R.3506.IH]</a>


<strong>11 . </strong>REIT Investment Diversification and Empowerment Act of 2007 (Introduced in Senate)<a href="http://thomas.loc.gov/cgi-bin/query/D?c110:11:./temp/~c110yuqlbb::">[S.2002.IS]</a>


<strong>12 . </strong>Helping Families Save Their Homes in Bankruptcy Act of 2007 (Introduced in Senate)<a href="http://thomas.loc.gov/cgi-bin/query/D?c110:12:./temp/~c110yuqlbb::">[S.2136.IS]</a>


<strong>13 . </strong>Emergency Home Ownership and Mortgage Equity Protection Act of 2007 (Introduced in House)<a href="http://thomas.loc.gov/cgi-bin/query/D?c110:13:./temp/~c110yuqlbb::">[H.R.3609.IH]</a>


<strong>14 . </strong>Pigford Claims Remedy Act of 2007 (Introduced in Senate)<a href="http://thomas.loc.gov/cgi-bin/query/D?c110:14:./temp/~c110yuqlbb::">[S.1989.IS]</a>


<strong>15 . </strong>HOMES Act (Introduced in House)<a href="http://thomas.loc.gov/cgi-bin/query/D?c110:15:./temp/~c110yuqlbb::">[H.R.3778.IH]</a>


<strong>16 . </strong>Pigford Claims Remedy Act of 2007 (Introduced in House)<a href="http://thomas.loc.gov/cgi-bin/query/D?c110:16:./temp/~c110yuqlbb::">[H.R.3073.IH]</a>


<strong>17 . </strong>HOMES Act (Introduced in Senate)<a href="http://thomas.loc.gov/cgi-bin/query/D?c110:17:./temp/~c110yuqlbb::">[S.2133.IS]</a>


<strong>18 . </strong>REIT Investment Diversification and Empowerment Act of 2007 (Introduced in House)<a href="http://thomas.loc.gov/cgi-bin/query/D?c110:18:./temp/~c110yuqlbb::">[H.R.1147.IH]</a>


<strong>19 . </strong>Mortgage Reform and Anti-Predatory Lending Act of 2007 (Introduced in House)<a href="http://thomas.loc.gov/cgi-bin/query/D?c110:19:./temp/~c110yuqlbb::">[H.R.3915.IH]</a>


<strong>20 . </strong>Financial Literacy for Homeowners Act (Introduced in House)<a href="http://thomas.loc.gov/cgi-bin/query/D?c110:20:./temp/~c110yuqlbb::">[H.R.3133.IH]</a>


<strong>21 . </strong>Inactive Reservists Foreclosure Prevention Act of 2007 (Introduced in House)<a href="http://thomas.loc.gov/cgi-bin/query/D?c110:21:./temp/~c110yuqlbb::">[H.R.2599.IH]</a>


<strong>22 . </strong>Affordable Housing Preservation Act of 2007 (Introduced in Senate)<a href="http://thomas.loc.gov/cgi-bin/query/D?c110:22:./temp/~c110yuqlbb::">[S.1318.IS]</a>


<strong>23 . </strong>Affordable Housing Preservation Tax Relief Act of 2007 (Introduced in House)<a href="http://thomas.loc.gov/cgi-bin/query/D?c110:23:./temp/~c110yuqlbb::">[H.R.1491.IH]</a>


<strong>24 . </strong>Expand and Preserve Home Ownership Through Counseling Act (Introduced in House)<a href="http://thomas.loc.gov/cgi-bin/query/D?c110:24:./temp/~c110yuqlbb::">[H.R.3019.IH]</a>


</p>
 
<p>Do any of them involve investing a trillion dollars in bail outs?</p>

<p>It not, and I rather think not, none of them will do much of anything.</p>
 
<a href="http://tinyurl.com/2fn6nk">H.R. 3915 passes 45-19 in the house financial services committee</a>.





It is now headed for the house and senate for approval. It will most likely see modifications.





This is the one bill that I fully support. Fiduciary duty is something that has been non-existent in the industry. Licensing to sell securities is a pain in the butt. Yet, to sell a loan "for the largest investment most people will make" there are no standards. Ironically, the <a href="http://www.mortgagebankers.org/">Mortgage Wankers Association</a> whined in a letter to Barney Frank about how they oppose this bill.
 
I don't have the cites handy, but I recall seeing two cases (one from the late '70s by the Cal Supreme Court) stating that mortgage brokers owed their clients a fiduciary duty. I'm sort of surprised that no one has dusted that off and taken a look at it.
 
<p>The brokerage industry doesn't necessarily have a fiduciary duty. First of all, to sell mortgages in CA all you need to have is your sales agent license, not a full broker's license. You could then use an umbrella corporation like the former Dana Capital or Bridge Capital. All you need to do is pay for marketing and you can now sell loans in your underwear while watching sportscenter in your bedroom. These umbrella corporations did little if any fraud checking on loans.</p>

<p>You have more problems with small brokerages like the 5 to 15 man shops, where only the owner has a brokers license and the loan officers don't need to be licensed. They don't need a degree, HS diploma or GED. That's scary. Now would you rather talk to one of those people or call a federally chartered bank where your conversations are recorded? </p>

<p>I can tell you that banks do not want this passed either. AE's from different banks, including mine, are sending out petitions for signatures against this bill. </p>

<p> </p>

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