http://www.washingtonwatch.com/bills info@washingtonwatch.com http://www.pjdoland.com/chai/?v=0.1 http://www.washingtonwatch.com/bills/show/111_HR_1728.html#68005 This bill will destroy all the small independent brokers. The main problem is that the banks themselves aren't being constrained in the same way as the brokers.... 68005@http://www.washingtonwatch.com Mon, 21 Sep 2009 12:43:44 EDT http://www.washingtonwatch.com/bills/show/111_HR_1728.html#65428 Yammer, I'm with you...it's beyond me why the brokers are not shouting about this. As for the wholesale lenders ... I'm sure the banks ( the few that still remain in wholesale) are for this and not against.. this way they can and will take advantage on their retail side. As for the NAMB...they are not worth the air they breath....it's sad but true.... 65428@http://www.washingtonwatch.com Sat, 05 Sep 2009 15:57:25 EDT http://www.washingtonwatch.com/bills/show/111_HR_1728.html#64431 Can someone help me understand this.... If HR #1728 (the bill that will do away with YSP paid to brokers) has passed the house and is on it's way to the senate. If it passes, that means we (brokers) will be limited to 1 point on all loans --- TOTAL. I will have to shut my doors, as will many/most brokers. Why don't I see anyone fighting this? Why aren't our wholesale lenders concerned about their customers (us) getting run out of business? Why aren't our NAMB and local trade org's fighting this? I believe everyone is in a state of disbelief. I called 5 of my lender reps today to ask what their companies were doing about this bill that will destroy their customers. None of them even knew what the status of the bill was, let alone if their companies had any opinion on the matter. Anyone seen Titanic lately?... 64431@http://www.washingtonwatch.com Fri, 14 Aug 2009 23:53:08 EDT http://www.washingtonwatch.com/bills/show/111_HR_1728.html#64253 Can anyone point me to a link that shows the exact language in the Bill that references YSP? I have not been able to find where it is stated that lender compensation to the broker will be eliminated. Thanks!... 64253@http://www.washingtonwatch.com Wed, 12 Aug 2009 01:34:47 EDT http://www.washingtonwatch.com/bills/show/111_HR_1728.html#64112 I have a house I need to sell. I have a second rental that I would like to do a rent to own deal for. If this passes, I am up the creek, since no one that looked at either house can qualify. Congress is full of knaves and idiots.... 64112@http://www.washingtonwatch.com Sun, 09 Aug 2009 02:03:30 EDT http://www.washingtonwatch.com/bills/show/111_HR_1728.html#63651 This is poorly written bill. They are in too much of hurry to do something that they are not thinking through the implications of what has been thrown together. It was poorly thought through legislation that caused this mess in the first place, "Fair Housing". We need to put the breaks on this and get it reworked. I note it has been in Senate committee for some time. I hope that means it is getting fixed. Otherwise, the real estate investment industry is doomed. Let us let the market correct itself and get the "King" out of our business.... 63651@http://www.washingtonwatch.com Sat, 01 Aug 2009 09:59:29 EDT http://www.washingtonwatch.com/bills/show/111_HR_1728.html#63024 This is not only bad for the mortgage industry but for those private parties who choose to house the people - landlords. This would cause limits on the number of homes that could have 'mortgages' and not private money loans, etc. Does the government think that by limiting that they will still be able to have individuals provide economical housing for those who choose to rent and not own their own homes? If not these individuals - then who?? The government? That really does hurt the free enterprise society.... 63024@http://www.washingtonwatch.com Tue, 21 Jul 2009 15:48:39 EDT http://www.washingtonwatch.com/bills/show/111_HR_1728.html#62484 This bill is deceiving! HR 1728, which has already passed in Congress, will effectively keep you from: * Selling properties with owner-carryback or wrap-around mortgages * Selling properties using land contracts or contracts for deed * Selling properties using lease/option * And, possibly, borrowing private money to buy properties The bill as written basically REMOVES YOUR ABILITY TO SELL HOUSES and carry back payments. It is a completely unacceptable infringement on private property rights. When I own a piece of property and find a ready, willing, and able purchaser, I should be able to control the sale of that property within the existing laws of my state, which already regulate the interest rate that I am able to charge and some of the terms of the sale. The government should not tell us that we need special licensing to sell our own properties Read section 101(3)(e) Please help stop this Bill! The motivation is good...the legislation is bad!!... 62484@http://www.washingtonwatch.com Mon, 13 Jul 2009 15:08:38 EDT http://www.washingtonwatch.com/bills/show/111_HR_1728.html#62372 A third party told me that this bill also wanted to limit 1 owner finance sale every 3 years....can some guide to to where I can find this, thanks. al... 62372@http://www.washingtonwatch.com Fri, 10 Jul 2009 14:52:19 EDT http://www.washingtonwatch.com/bills/show/111_HR_1728.html#61448 Hozdaddy, How about making affordable loans instead of toxic loans which are set up in complex lending schemes to those who are versed well in sports and everyday events and know little about financial predatory schemes. Myself, I did not realize that a percentage up or down for interest with ARMS actually can be increased payments in 40% or more rises. Not too many people make 40% returns yearly or every half year to keep up with payment increases. Of course banksters and MBA knew this ahead of time.... 61448@http://www.washingtonwatch.com Fri, 26 Jun 2009 06:58:06 EDT http://www.washingtonwatch.com/bills/show/111_HR_1728.html#61447 Fire safety laws are pretty well enforced. Our problems relate to predatory lenders and how they setup loans to fail, make profits when the loans fail as designed and leave the victim in financial ruin. Also a problem is that these lenders freely lie in court about the victims communication with the lender and only set off the borrower further. We need preventive measures to reduce the suicides prompted by hopelessness and the other destabilizing health related problems related to stress. If you cannot lend fairly, do not loan with conditions which are obviously poor for world economies and displaced homeowners. Amish is response to.... 61447@http://www.washingtonwatch.com Fri, 26 Jun 2009 06:51:26 EDT http://www.washingtonwatch.com/bills/show/111_HR_1728.html#61430 this bill is another attempt to dumb down the population. How about reading what you're signing. If you don't understand it, maybe you shouldn't be involved or maybe you should spend $350 to have a lawyer explain it to you. For every predatory lender, there was a greedy home buyer who had no business getting a loan.... 61430@http://www.washingtonwatch.com Thu, 25 Jun 2009 21:37:44 EDT http://www.washingtonwatch.com/bills/show/111_HR_1728.html#61404 Jim C ..... please set yourself on fire.. Immediately... 61404@http://www.washingtonwatch.com Thu, 25 Jun 2009 16:38:29 EDT http://www.washingtonwatch.com/bills/show/111_HR_1728.html#61198 Being given sure to fail loans and collecting moneys from the default insurance and also later the foreclosure. Then with their intention from deficiency judgments against those it duped.... 61198@http://www.washingtonwatch.com Tue, 23 Jun 2009 22:48:30 EDT http://www.washingtonwatch.com/bills/show/111_HR_1728.html#61197 Bringing forth the bad elements that this legislation has is a good thing. Many people who have been set into loans with very damaging terms. People who were told by brokers that they could refinance in six months and slipping in a pre-payment penalty 2 year rider have to be held criminally accountable. Setting a minimal standard for lending related to affordability for long term contracts is important. If preventive measures were in place and enforced earlier we would not have such a financial collapse from bad lending. Banks should not be put ahead of owner/buyer private dealings but should still be prevented from being able to dupe others as the nonprime lenders have which led to our world financial collapse. As with fire prevention and structural safety in homes needs regulations in order to be observed, financial standards need to be observed to prevent lenders from giving sure to... 61197@http://www.washingtonwatch.com Tue, 23 Jun 2009 22:45:23 EDT http://www.washingtonwatch.com/bills/show/111_HR_1728.html#61194 Folks, give up on Jim C. Spend your valuable time convincing your congressmen to defeat this mess.... 61194@http://www.washingtonwatch.com Tue, 23 Jun 2009 21:45:09 EDT http://www.washingtonwatch.com/bills/show/111_HR_1728.html#61164 This Bill is an assault on property rights. I understand that predatory lending is an evil process, however the bill takes away property rights by limiting the ways you are able to sell your house. It gives more power to the banks who were the ones that caused this mess and hurts the responsible real estate investors and sellers that utilize owner/seller financing as a tool. This tool is so great because it allows the buyer to work directly with the seller to construct a deal that is a win-win for both parties. This is because the buyer is more in tune with the sellers wants and needs. Do you think banks are in tune with the sellers needs? NO! This bill will only further hurt the economy, give power to the wrong people, and further chip away our property rights. Wake up people! Fight for your rights! Make the people that were responsible pay for their mistakes but DO NOT allow the government to take away your inalienable rights!... 61164@http://www.washingtonwatch.com Tue, 23 Jun 2009 13:04:22 EDT http://www.washingtonwatch.com/bills/show/111_HR_1728.html#61156 it will put a crimp in the housing market recovery by limiting seller carry back financing to once every 3 years. With bad credit and no bank loans, buyers will not have active investors providing seller financing. Besides, seller financing is not a mortgage, it is defined as an installment sale by the IRS. This bill should not pass. If it does, don't expect a housing recovery.... 61156@http://www.washingtonwatch.com Tue, 23 Jun 2009 09:32:08 EDT http://www.washingtonwatch.com/bills/show/111_HR_1728.html#61123 No I am not a plant for some organization supporting this legislation. I am a homeowner and also aware of many other homeowners who were damaged by predatory lending and loan steering. Brokers had their financial interest in mind and did little to give the future homeowner the best loan that they could obtain and at the best terms. People who could qualify for better terms should have been set into these loans instead of terms where the broker made profit but the homeowner could not afford. I work in the electronics industry related to high technology and nothing to do with making loans. I do realize that minimum standards need set for the worst possible loan marketed. Better lending terms will not be prohibited so free market does not work. A regulated market for worst possible lending terms is something that is no different than fire safety, building codes or other regulations set to protect Americans. Making things less likely to catch on flames or less likely to collapse.... 61123@http://www.washingtonwatch.com Mon, 22 Jun 2009 17:53:44 EDT http://www.washingtonwatch.com/bills/show/111_HR_1728.html#60832 Here's the info on the amendment that let's HUD sieze your property: "According to the NMHC, Representative Nydia Velazquez (D-NY) successfully proposed an amendment that would allow HUD and the Treasury Department to determine if a multifamily property were “at risk" and in such cases where this classification was levied, the two agencies would foreclose on the properties and then sell them to an entity which would then convert the properties into affordable housing. This sounds a bit like giving HUD an eminent domain authority; HUD could identify a rental property as “at risk" based on indefinite criteria and then the agency itself would employ the use of that property under a given municipalities public housing administration." Yeah, this bill is about "predatory lending", SURE it is....... 60832@http://www.washingtonwatch.com Thu, 18 Jun 2009 21:49:20 EDT http://www.washingtonwatch.com/bills/show/111_HR_1728.html#60830 An individual owner of a property did not put anyone into a "liar" loan. An individual owner of property in America has ALWAYS enjoyed the right to sell his home, to anyone he sees fit, WITHOUT having the federal government or any bank involved. This bill SPECIFICALLY infringes on an American citizens property rights. Jim C, is obviously a plant in this thread. Jim C, I'm sure, since he refuses to identify anything about himself, especially his job, is working for the Banking lobby who is responsible for cramming this through the house, and who has the most to gain. Jim C fails to acknowledge the glaring faults in this bill, like the amendment which let’s the government seize your rental property. Check it out here: http://www.mynewplace.com/blog/2009/05/20/hr-1728-mortgage-reform-and-anti-predatory-lending-act/ - Hmm... this bill removes consumer choice, infringes on American Citizens rights as homeowners, and gives a government agency the right to sieze your property.... 60830@http://www.washingtonwatch.com Thu, 18 Jun 2009 21:46:04 EDT http://www.washingtonwatch.com/bills/show/111_HR_1728.html#60706 The heavy degree of greedy dealings that offset people's financial stability is truly not capitalism or American dream. Like any other entity, it needs to be regulated to keep the thieves from sinking Americans and world financial systems. This bill needs passed to allow the honest and fair to make it in business while not being detoured to be policing their industry since some have no sense of fair play and have no honest intentions.... 60706@http://www.washingtonwatch.com Wed, 17 Jun 2009 06:34:09 EDT http://www.washingtonwatch.com/bills/show/111_HR_1728.html#60557 What happened to free enterprise? What happened to capitalism? What happened to property owners selling their property on private contracts? What happened to small businesses engaging in mortgage brokerage? What happened to alternatives to mortgages beyond the bank criteria? What's happening to America? This bill has GOT TO BE DEFEATED!... 60557@http://www.washingtonwatch.com Mon, 15 Jun 2009 17:05:24 EDT http://www.washingtonwatch.com/bills/show/111_HR_1728.html#60479 Ex & Former Lender If u guys r so informed "professional" then y r u no longer doing it oh yeah that's right it was ur greedy incentives that srewed us in the 1st place & broke up millions of families caused hundreds to commit suicide. ur just mad & against this bill because it would hold all who are accountable for wrongdoing already done. hush little baby don't u cry daddy's going 2 open up washington's eye & when he sees what u've been doing, I bet u it's gonna be u they're screwing!... 60479@http://www.washingtonwatch.com Sun, 14 Jun 2009 17:18:50 EDT http://www.washingtonwatch.com/bills/show/111_HR_1728.html#60397 Martin - Amen! I checked out your site, and then forwarded it to a ton of people. I'm a Realtor and investor, who routinely gets asked to help with seller financed transactions. This idiotic bill would put me out of business, and threaten the livelihood of 1.2Million other Real Estate agents, and millions more investors, not to mention kill the possibility of homeownership to all but a "Government Blessed" select few. I guess putting me INTO foreclosure, and making sure I stop helping people stay in their homes, and sell their homes to avoid foreclosure is something the Gov't deems a priority. Can anyone confirm that crack pipe smoke is being pumped through the ventilation systems in Congress? I guess we'll just have to take HR1728 as anecdotal evidence...... 60397@http://www.washingtonwatch.com Fri, 12 Jun 2009 20:50:28 EDT