{"id":2176,"date":"2007-11-06T23:45:57","date_gmt":"2007-11-07T06:45:57","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=2176"},"modified":"2007-11-15T12:54:59","modified_gmt":"2007-11-15T19:54:59","slug":"hr-3915-anti-consumer-bank-protection-act-of-2007","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2176\/hr-3915-anti-consumer-bank-protection-act-of-2007\/","title":{"rendered":"HR 3915: Anti-Consumer Bank Protection Act of 2007"},"content":{"rendered":"

HR 3915, the Anti-Consumer mortgage bill<\/a> has passed the House Financial Services Committee<\/a>. This was expected. The committee is chaired by the bill’s sponsor, Barney Frank. This bill seeks to destroy the consumer protections, guaranteed by free markets, through: a legislated oligopoly, a reduction is loan choices, and a contraction of loan pricing options, all dressed up as consumer protection.<\/p>\n

This isn’t cause for concern…yet. Today’s House FSA approval was akin to a Politburo approval of Khrushchev’s recommendation of the Communist slate of officials – with Khrushchev presiding.<\/p>\n

The horse trading with this bill starts tomorrow.<\/strong> The bill will be read to the House “Committee of the Whole” where time will be allotted for debate and amendments will be considered. ( C-SPAN junkies, this is where time is allotted to the “Gentlewoman from California” wherein she rambles about baby seals for two minutes and offers her support for the mortgage bill. Then, the “Gentleman from Arizona” talks about the second amendment for two minutes and concludes with his dissent for the mortgage bill.<\/em> )<\/p>\n

Mandatory licensing of originators will most likely be recommended although nobody will really understand why it’s necessary. Republicans and Democrats alike favor licensing- the former for its ability to fleece money from people without the appearance of a tax and the latter because it asserts some level of governmental control.<\/p>\n

The “fiduciary duty” rule will be attached, also. Nobody knows what that means but it sounds SO DAMNED GOOD<\/strong> to the little people back in the home state.<\/p>\n

Yield Spread Premium<\/a> will not go away but be limited to 1%. Prepayment penalties will be abolished. A lobbyist will buy a legislator lunch, explain in fourth grade math about how it helps the consumer, who, in turn, will explain the concept to the Committee of the Whole, in third grade math. That amendment will be made and everyone will champion the cause of the consumer and smoke another cigar.<\/p>\n

The Committee of the Whole will read the bill for a third time, with my predicted amendments, and the House will overwhelmingly pass the bill for referral to the Senate.<\/strong><\/p>\n

The Distinguished Senate Leader<\/a> will announce Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

HR 3915, the Anti-Consumer mortgage bill has passed the House Financial Services Committee. This was expected. The committee is chaired by the bill’s sponsor, Barney Frank. This bill seeks to destroy the consumer protections, guaranteed by free markets, through: a legislated oligopoly, a reduction is loan choices, and a contraction of loan pricing options, all […]<\/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":[2,8,26],"tags":[],"class_list":{"0":"post-2176","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-general","7":"category-investment","8":"category-lending","10":"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":2176,"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":2217,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2217\/hr-3915-why-federally-chartered-banks-get-the-pass\/","url_meta":{"origin":2176,"position":1},"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":[]},{"id":2200,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2200\/hr-3915-open-letter-to-senator-dodd-from-a-veteran-mortgage-originator\/","url_meta":{"origin":2176,"position":2},"title":"HR 3915: Open Letter to Senator Dodd from a Veteran Mortgage Originator","author":"Brian Brady","date":"November 10, 2007","format":false,"excerpt":"The Hon. Senator Christopher Dodd Chairman- US Senate Committee on Banking, Housing, and Urban Affairs 534 Dirksen Senate Office Building Washington, D.C. 20510 Dear Chairman Dodd: Soon, HR 3915 will be endorsed by the House of Representatives and most likely referred to the Senate. The committee you chair, will have\u2026","rel":"","context":"In "Enduring Interest"","block_context":{"text":"Enduring Interest","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/enduring-interest\/"},"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":2176,"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":2176,"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":2153,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2153\/hr-3915-exploring-the-minds-of-the-enablers\/","url_meta":{"origin":2176,"position":5},"title":"HR 3915: Exploring the Minds of the Enablers","author":"Brian Brady","date":"November 3, 2007","format":false,"excerpt":"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\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/2176","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=2176"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/2176\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=2176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=2176"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=2176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}