URGENT CALL TO ACTION! FHA REFORM BILL
Please click here, for a video advocacy message from NAMB Government Affairs Committee Vice-Chairman and NAMBPAC Chairman Mike Anderson, CRMS stressing the importance of participating in this "Call-to-Action."
As Congress prepares for a Conference Committee to reconcile the House and Senate passed bills (H.R. 4173 and S. 3217) on financial regulatory reform, so must you.
Please continue participation in the grassroots effort to preserve and protect the small business mortgage profession by contacting your Senators and Representatives. Some Members of Congress hope to have the bills reconciled, voted on, and sent to the President by July 4th; there is no time to waste as June will likely be the final leg of debate. |
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Additional Concerns
1. Conflicting underwriting standards created by inconsistencies between the Merkley/Klobuchar and Landrieu/Isakson amendments.
Under the present construct with the two amendments, a loan could be exempt from the 5% risk retention requirements but not pass the ability to repay safe harbor section of the Merkley/Klobuchar amendment. Creditors will have conflicting underwriting standards with which they must comply being written by two different agencies and banking regulators. A resolution to this issue would be to create a safe harbor in the Merkley/Klobuchar amendment for having met the ability to repay standards if the mortgage meets the criteria for qualified residential mortgages as defined in the Landrieu/Isakson amendment. This approach will remove any chance of a conflict between loan products referenced under the Landrieu/Isakson amendment and loan products referenced in the Merkley/Klobuchar amendment. Rule writing should be left with the banking agencies as set forth in the Landrieu/Isakson amendment.
2. Provisions to sunset the HVCC and strengthen appraisal independence standards are not included.
NAMB supported an amendment offered by Senator Casey (D-PA) that would have, upon enactment, sunset the controversial HVCC prior to its expiration date and replaced it with a more coherent and workable appraisal independence solution. It also required the GAO to conduct a study on the effects the HVCC has had on mortgage brokers, other small business professionals and consumers. The amendment would have also created strong appraisal independence rules; imposed greater scrutiny on industry participants in the appraisal process; provided greater protections to consumers who engage in the mortgage process; and provided strong federal standards for the AMCs. Language already exists in the House passed bill, H.R. 4173, offered by Reps. Kanjorski (D-PA), Miller (R-CA), and Childers (D-MS). NAMB believes these provisions should be retained in Conference Committee during reconciliation of the House and Senate bills.
Casey Amendment
Wednesday, May 12, 2010 the Senate passed an amendment offered by Senators Merkley (D-OR) and Klobuchar (D-MN) to S. 3217, the “Restoring American Financial Stability Act of 2010,” that would prohibit the total amount of direct and indirect compensation paid to mortgage originators from varying based on the terms of a loan, and place a cap on income. The amendment, SA 3962, was issued after business hours on Tuesday night, fully knowing that NAMB would call on grassroots support to contact their Senators to oppose the amendment. Despite the NAMB “Call to Action” issued, the amendment was voted on and passed early Wednesday morning. NAMB's advocacy team is exploring all options to fight the amendment. We urge our members to still participate in the “Call to Action.” Our Senators must hear from their constituents about how this amendment will not only hurt your customers, but hurt small businesses in the state.
For a copy of the bill click here
For Louisiana Senator Information click here |
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Legislative Update
May 20, 2010 the Senate passed S. 3217, the "Restoring American Financial Stability Act of 2010," by a vote of 59-39, sending it to Conference Committee, where members of both chambers of Congress will work to reconcile this bill and House passed bill H.R. 4173, the "Wall Street Reform and Consumer Protection Act of 2009." Along with NAMB, LMLA will continue advocating on behalf of its members to protect their profession as the legislative process moves forward. |
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Louisiana Senator Contact Information
Senator Mary Landrieu
328 Hart Senate Office Building,
District of Columbia 20510-1804
Phone: (202) 224-5824
Fax: (202) 224-9735
Senator David Vitter
516 Hart Senate Office Building,
District of Columbia 20510-1803
Phone: (202) 224-4623
Fax: (202) 228-5061 |
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Alexander, Rodney Louisiana, 5th
Phone: 202-225-8490
Fax: 202-225-5639
Boustany Jr.,Charles W. Louisiana, 7th
Phone: 202-225-2031
Fax: 202-225-5724
Cao, Joseph Louisiana, 2nd
Phone: 202-225-6636
Cassidy, William "Bill" Louisiana, 6th
Phone: 202-225-3901
Fax: 202-225-7313
Fleming, John Louisiana, 4th
Phone: 202-225-2777
Fax: 202-225-8039
Melancon, Charlie Louisiana, 3rd
Phone: 202-225-4031
Fax: 202-226-3944
Scalise, Steve Louisiana, 1st
Phone: 202-225-3015
Fax: 202-226-0386 |
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