{"id":2200,"date":"2007-11-10T03:08:41","date_gmt":"2007-11-10T10:08:41","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=2200"},"modified":"2007-12-24T12:27:44","modified_gmt":"2007-12-24T19:27:44","slug":"hr-3915-open-letter-to-senator-dodd-from-a-veteran-mortgage-originator","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2200\/hr-3915-open-letter-to-senator-dodd-from-a-veteran-mortgage-originator\/","title":{"rendered":"HR 3915: Open Letter to Senator Dodd from a Veteran Mortgage Originator"},"content":{"rendered":"

The Hon. Senator Christopher Dodd
\nChairman- US Senate Committee on Banking, Housing, and Urban Affairs
\n534 Dirksen Senate Office Building
\nWashington, D.C. 20510<\/p>\n

Dear Chairman Dodd:<\/p>\n

Soon, HR 3915 will be endorsed by the House of Representatives and most likely referred to the Senate. The committee you chair<\/a>, will have an opportunity to read, discuss, debate, and amend this bill before recommending it to the general Senate for vote. I am a 20 year veteran of consumer financial services with the last 14 years in mortgage lending. I have helped over 700 families finance their homes and closed some 1700 loan transactions. I humbly submit my expert opinion to you for consideration.<\/p>\n

The Libertarian in me begs you to do absolutely nothing<\/strong>; it’s the borrowers’ cavalier attitude towards financial planning that caused this mess. While my statement is true, it is but a component of the underlying malaise in the residential real estate industry; we adopted an even more cavalier approach to loan approvals and that irresponsibility is being felt by the investors who trusted us to perform adequate due diligence. Failure is a costly but cogent instructor; to discourage failure on both the borrower and investing lender sides of the equation might be more costly in the long run.<\/p>\n

I oppose individual originator licensing in its proposed form. It doesn’t demonstrate true expertise and might induce a false sense of security to the consumer. This very act may very well damage the consumer by perpetuating the adolescent approach to financial planning the average American exhibits. It transfers the responsibility of prudent money management from the consumer to the license issuing body; sadly, those bodies are not up to the task.<\/p>\n

I am a pragmatist so I know that my remarks about licensing, while philosophically pure, are impractical from a political view. Inasmuch, I recommend that the licensing requirements be strengthened to include any and all participants in the origination process: originators, processors, and underwriters.<\/strong> I further recommend that the license be national in scope so it is more consistent with the standardization mortgage securitizations induced. Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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 an opportunity to read, discuss, […]<\/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":[7,26],"tags":[],"class_list":{"0":"post-2200","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-enduring-interest","7":"category-lending","9":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":2223,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2223\/the-odysseus-medal-failure-is-a-costly-but-cogent-instructor\/","url_meta":{"origin":2200,"position":0},"title":"The Odysseus Medal: “Failure is a costly but cogent instructor”","author":"Greg Swann","date":"November 14, 2007","format":false,"excerpt":"Here are the Odysseus Medal winners, finally. My apologies for being two days late, but my little hop to Las Vegas put me way behind on everything. I run with a fast crowd here, but I don't cut them any slack. I am never nice for the sake of being\u2026","rel":"","context":"In "Blog Carnivals"","block_context":{"text":"Blog Carnivals","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blog-carnivals\/"},"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":2200,"position":1},"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":2176,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2176\/hr-3915-anti-consumer-bank-protection-act-of-2007\/","url_meta":{"origin":2200,"position":2},"title":"HR 3915: Anti-Consumer Bank Protection Act of 2007","author":"Brian Brady","date":"November 6, 2007","format":false,"excerpt":"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\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":2210,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2210\/the-odysseus-medal-competition-voting-for-the-peoples-choice-award-is-open-6\/","url_meta":{"origin":2200,"position":3},"title":"The Odysseus Medal competition — Voting for the People’s Choice Award is open","author":"Greg Swann","date":"November 11, 2007","format":false,"excerpt":"Fifteen nominees this week, although ten are from BloodhoundBlog contributors, writing either at BHB or at their home weblogs. I don't know what to do about this. I don't think I'm being biased. The one thing I could suggest is that y'all nominate more posts from a broader range of\u2026","rel":"","context":"In "Blog Carnivals"","block_context":{"text":"Blog Carnivals","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blog-carnivals\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16038,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/16038\/but-weve-got-to-have-some-regulation-how-else-are-insiders-going-to-get-their-mitts-onto-sweetheart-mortgage-deals\/","url_meta":{"origin":2200,"position":4},"title":"“But we’ve got to have some regulation!” How else are insiders going to get their mitts onto sweetheart mortgage deals?","author":"Greg Swann","date":"July 5, 2012","format":false,"excerpt":"Regulation is rent-seeking, Rotarian Socialist graft, and that's all it ever is. Who sold out the housing market? The regulators, of course. AP: Countrywide won influence with discounts. HousingWire: Investigation reveals Countrywide VIP program scope and influence. Bloomberg: Countrywide Used Loans For Favor With Fannie Mae, Report Says. I love\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2444,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2444\/best-of-the-worst-bloodhoundblog-in-2007\/","url_meta":{"origin":2200,"position":5},"title":"Best of the worst: BloodhoundBlog’s most popular posts for 2007","author":"Greg Swann","date":"December 29, 2007","format":false,"excerpt":"Here's a comment that got deleted earlier tonight, a pearl of wisdom issued from one orifice or another by a less-than-brilliant pundit who chose to keep his or her identity concealed. 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