Call to Action by the NAMB

This is a little late, but I was overwhelmed yesterday (about 150 - 200 emails behind and needed to provide responses to them).  Anyhow, for those of you following the mortgage reform laws running through the Senate and the House, while the House's version past that was reasonable, the Senate's version is not.

So, below is what the National Association of Mortgage Brokers has asked its members to write to their Senators:

"To: All NAMB Members and National Briefing Participants

From:  Denise Leonard, NAMB Government Affairs Chair

RE:  Call to Action – “Home Ownership Preservation and Protection Act of 2007"

Thank you for participating in the national briefing today on Sen. Christopher Dodd’s (D-CT) proposed mortgage reform bill, S. 2452, the “Home Ownership Preservation and Protection Act of 2007.”  Please contact your Senator immediately and voice your opposition to the bill.

Phone Number to Senate:  202-224-3121. This is a general number that will connect you with an operator.  Ask the operator to be connected with your Senator. 

Web Address: Visit http://capwiz.com/namb/home/ and enter your state or zip code to find your Senator’s contact information. 

One of the most effective grassroots tools is a personal call from you to your Senator’s office that expresses your personal beliefs and or experiences related to the bill.  Below are very generic talking points for you to call your Senators office.  Please use them to develop your own more specific talking points regarding the bill. 

Senator Dodd proposed the mortgage reform bill, S. 2452.

1. I oppose this bill. 
2. It disadvantages small business.
3. It outlaws the way we get paid.
4. It forces us to send customers away from our business and down the street to the big banks.

It will make the housing depression worse – hurting rather than helping."

Once again, this is from the NAMB and does not necessarily reflect my own position entirely.  However, one point to be reiterated that the Senate's version opposes is that of YSP.  To read my take on it, read the following posts:

Is Yield Spread Premium Good or Bad for Consumers?
"Homeownership Preservation and Protection Act of 2007"