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NAMB
News
ACT
NOW -- Contact Your Representative TODAY Regarding
H.R. 3915
WE
DID IT! Thank you for responding to last week's
call-to-action on H.R. 3915 asking the House Financial
Services Committee ("HFSC") to amend
H.R. 3915, the "Mortgage Reform and Anti-Predatory
Lending Act of 2007," and allow small business
mortgage brokers everywhere to continue to serve
the consumers in their communities. Last week,
the HFSC approved H.R. 3915 by a 45-19 vote, clearing
the way for the bill to move to the House floor
for a full vote this Thursday, November 15, 2007.
Following
the mark-up of the bill by the HFSC, NAMB's Government
Affairs team continued to work tirelessly with
members of Congress and their staffs to clarify
the anti-steering provision to ensure that consumers
continue to have the ability to finance origination
fees and costs and to clarify our ability to receive
compensation for our work. Thanks to your patience
and timely response when called to action, I am
pleased to report that clarifications to the anti-steering
language have been made and our concerns have
been addressed.
Our
work is not finished. Specifically, Title III,
which proposes changes to HOEPA that will adversely
affect consumers' ability to obtain mortgage financing,
must be amended or removed entirely. We anticipate
that there will be a number of amendments offered
to Title III when H.R. 3915 reaches the House
floor. TODAY, we are asking you to CONTACT YOUR
CONGRESSIONAL REPRESENTATIVE and urge him or her
to support any amendment(s) that may be offered
by Rep. Gary Miller (R-CA) to modify Title III,
or any other amendment offered to eliminate Title
III in its entirety, to help ensure credit will
remain available for consumers who need it most.
The mortgage reform effort in Congress should
move forward and H.R. 3915 is the first step,
of many, in this deliberate process.
With
H.R. 3915 set to go to the House floor for a vote
this Thursday, November 15, 2007, THE TIME TO
ACT IS NOW.
Thank
you for your continued support.
George
Hanzimanolis, CRMS
2007-08 NAMB President
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