Voters Against HR Bill 3915

To:  All Members of the House & Senate

This legislation as approved by committee will further tighten the supply
of money into the housing market when it is most needed. If passed,
foreclosures will only increase, and billions of dollars more of homeowner
equity will vanish.

H.R. 3915, the "Mortgage Reform and Anti-Predatory Lending Act of 2007"
which passed the House Financial Services Committee ("HFSC") on Tuesday,
November 6, 2007. We are very concerned about this bill as introduced and
amended. We fear that, as currently drafted, it will hurt small business
and the consumer. Unless certain provisions in the bill are clarified,
we urge you to share our concerns with your colleagues.

The market has crashed. The mortgage industry is struggling to make
good loans to borrowers. More importantly, borrowers are struggling
to find good loans they can afford. If this bill passes we are worried that consumers will be left stranded.

As passed by the Committee, H.R. 3915 contains a provision under Title I,
Subtitle B, Section 123 that may eliminate an originator's ability to
receive direct and indirect compensation. As currently drafted, this
provision may eliminate zero-point or no cost loans. Consumers
need to be able finance loan costs into the mortgage amount. I
urge you and your colleagues to support an amendment making this change under Title I, Subtitle B, Section 123(b)(3).

In addition, we do not support Title III of this bill, which addresses
high-cost mortgages. We believe the practical effect of Title III is to
create a de facto federal usury statute. The combination of loan cost
limitations together with prohibited practices will stop lending in this
small market segment. Let the borrower shop, compare and decide what is
best for them, not create a federal government limitation which would
limit access to deserving borrowers based solely on price.

Please do not support H.R. 3915 unless:

(1) Title I is amended to preserve both the consumer's choice to finance
fees and costs, and the creditor and investor's ability to directly
compensate mortgage originators for such fees or costs; and

(2) Title III is stricken or significantly altered so that, in effect,
there is no de facto usury ceiling and consumers have the ability to
access credit.

Thank you for your time and consideration of this issue.

Sincerely,

The Undersigned

The Voters Against HR Bill 3915 Petition to All Members of the House & Senate was created by Homeowners & Real Estate Professionals and written by Drew de la Houssaye (Drew@S1-Financing.com).  This petition is hosted here at www.PetitionOnline.com as a public service. There is no endorsement of this petition, express or implied, by Artifice, Inc. or our sponsors. For technical support please use our simple Petition Help form.