{"id":2153,"date":"2007-11-03T06:22:18","date_gmt":"2007-11-03T13:22:18","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=2153"},"modified":"2007-11-15T12:55:09","modified_gmt":"2007-11-15T19:55:09","slug":"hr-3915-exploring-the-minds-of-the-enablers","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2153\/hr-3915-exploring-the-minds-of-the-enablers\/","title":{"rendered":"HR 3915: Exploring the Minds of the Enablers"},"content":{"rendered":"

HR 3915 is referred to as the Mortgage Reform and Anti-Predatory Lending Act of 2007<\/a>. It was introduced by Congressman Barney Frank of Massachusetts. I explored some libertarian thought about the bill here<\/a>. I spent the last few days, perusing supporting messages, to discover if I might be mistaken. This is what I found:<\/p>\n

The Center for Responsible Lending<\/a> encourages support of this bill. Here is the letter they want you to write to your Congresspeople:<\/p>\n

I am deeply concerned about the plight of 2.2 million families who have lost their homes to abusive subprime loans, or who will lose their home in the near future. Without stronger protections against predatory lending, the same conditions that led to this disaster will inevitably come up again. The Mortgage Reform and Anti-Predatory Lending Act of 2007 (H.R. 3915), which is based in part on existing state laws that have been effective, would help prevent another subprime disaster in the future.<\/em><\/p><\/blockquote>\n

Hmmm, well they fired a biased shot across the bow by referring to subprime loans (in general) as abusive. It lets you know that they despise any loan that isn’t an “agency” loan. The CRL also predicts that (a) more people will lose their homes (b) the disaster, left unchecked, will happen again. What they don’t tell you is that the innovative lending products added some ten million NEW homeowners to the ranks this decade<\/strong>. While 2 million foreclosures suck, a net gain of 8 million homeowners is nothing short of astounding.<\/p>\n

The bill addresses many abusive lending practices that directly contributed to today’s foreclosures crisis, including reckless loan underwriting, abusive subprime prepayment penalties, and direct incentives for mortgage brokers to steer families into excessively expensive and risky loans. Basically, the bill would allow consumers to have greater confidence that subprime lenders will refrain from reckless lending and assess whether complex loan products are truly affordable for the families that receive them.<\/em><\/p><\/blockquote>\n

Ho ho ho! <\/em>Reckless, abusive, and steering! Underwriting is to protect the lenders, not the borrowers. Here comes Big Momma<\/a> to tell Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

HR 3915 is referred to as the Mortgage Reform and Anti-Predatory Lending Act of 2007. It was introduced by Congressman Barney Frank of Massachusetts. I explored some libertarian thought about the bill here. I spent the last few days, perusing supporting messages, to discover if I might be mistaken. This is what I found: The […]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,26],"tags":[],"class_list":{"0":"post-2153","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-investment","7":"category-lending","9":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":2103,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2103\/hr-3915-mortgage-reform-and-anti-predatory-lending-act-of-2007\/","url_meta":{"origin":2153,"position":0},"title":"HR 3915: Mortgage Reform and Anti-Predatory Lending Act of 2007","author":"Brian Brady","date":"October 25, 2007","format":false,"excerpt":"Congressman Banker...err...Barney Frank co-authored legislation to \"reform\" the mortgage business on Monday.\u00a0 You can view the 66-page text here. Bullet Points of the bill include: 1- Prohibition of \"yield spread premium\" as compensation to originators. 2- Mandatory licensing of mortgage originators by a Federal registry or state regulator.\u00a0 This Bill\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2220,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2220\/irony-can-be-so-ironic-massachusetts-edition\/","url_meta":{"origin":2153,"position":1},"title":"Irony Can Be So Ironic (Massachusetts Edition)","author":"Dan Green","date":"November 14, 2007","format":false,"excerpt":"Massachusetts was one of the first states to put anti-predatory lending laws on its books, ratifying in November 2004. The law includes provisions for borrower counseling, prepayment penalties, and financing of fees. Presumably, somebody thought the law had a positive impact on homeowners because, recently, Massachusetts Congressman Barney Frank authored\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2175,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2175\/psa-watch-the-debate-on-hr-3915-live\/","url_meta":{"origin":2153,"position":2},"title":"PSA: Watch the Debate on H.R. 3915 Live","author":"Morgan Brown","date":"November 6, 2007","format":false,"excerpt":"The debate is underway in the Financial Services Committee on The Mortgage Reform and Anti-Predatory Lending Act of 2007 you can watch it live here. (Clicking this link will launch your video viewer). I'm interested in seeing how poorly the politicians understand the concepts they are debating. Enjoy.","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2112,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2112\/hr-3915-is-dangerous-for-the-american-homeowner\/","url_meta":{"origin":2153,"position":3},"title":"HR 3915 Is Dangerous","author":"Brian Brady","date":"October 28, 2007","format":false,"excerpt":"HR 3915, The Mortgage Reform and Anti-Predatory Lending Act of 2007, was introduced by Barney Frank, (D-MA). Congressman Frank is also the Chairman of the House Committee on Financial Services. I outlined the key components of the bill with a link to the text here. The danger behind this bill\u2026","rel":"","context":"In "General"","block_context":{"text":"General","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/general\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2438,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2438\/speaking-in-tongues-dynamically-updated-lists-of-links-in-php\/","url_meta":{"origin":2153,"position":4},"title":"Speaking in tongues: Dynamically updated lists of links in PHP","author":"Greg Swann","date":"December 28, 2007","format":false,"excerpt":"Let's get dynamic, shall we? There are a lot of things you can say about PHP -- and some of them are even safe for work. But, at bottom, PHP is a working stiff's programming language for producing dynamic web pages. What's a dynamic web page? It's a page that\u2026","rel":"","context":"In "Blogging"","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2217,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2217\/hr-3915-why-federally-chartered-banks-get-the-pass\/","url_meta":{"origin":2153,"position":5},"title":"HR 3915: Why Federally-Chartered Banks Get The Pass","author":"Brian Brady","date":"November 13, 2007","format":false,"excerpt":"Big banks have a HUGE advantage over mortgage brokerage firms; they have the money. Federally-chartered banks also are regulated differently than mortgage brokers; they are overseen by the Office of Thrift Supervision, a successor regulator to the Federal Home Loan Bank Board. Federally-chartered banks also subscribe to FDIC insurance which\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/2153","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=2153"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/2153\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=2153"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=2153"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=2153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}