We've been hoping and watching HR 3044, which was a proposal to put an 18 month moratorium on HVCC but suddenly there is a new and better one out there: HR 3126. This bill is currently being reviewed by the Housing Finance Committee and is expected to go before the House for a vote within a couple of weeks!! And before Senate for a vote maybe by year end???
There are amendments to this bill that will:
1) nullify HVCC because it has "dramatically damaged the home mortgage process across the nation
2) request a more gradual implementation period of the new TILA requirements allowing HUD and the Federal Reserve to coordinate their regulatory efforts between RESPA and TILA (it really IS ridiculous right now, isn't it???)
3) and prohibit the government from capping the amount of compensation paid to mortgage lenders regardless if they are state chartered or federally chartered, big or small.
There is hope that someone out there is still sane. I, for one, had begun to question that!
What can YOU do? KEEP THE PRESSURE ON!! It seems, someone is listening to our pleas to stop the madness!! Call your representatives and tell them we need them to support HR 3126!
To track of the status of the bill, click here: HR3126.
Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.
Ruth Vogt, Branch Manager
Colorado LMB #LMB100023827
I hope sanity prevails - although the sane among us seem to be in the minority these days...
Good information, Ruth. Now if FICO and Underwriting can take two steps back we will have a great 1-2-3 punch again.
Very good news! Thank you for the link to keep an eye on this new bill. I'd like to shake the hand of whoever came up with such a good idea! Maybe reason, capitalism, and the best interests of the consumer can all work hand-in-hand after all!
Would certainly be a great way to start the New Year, now wouldn't it???
HOORAY! Would that be great if someone finally figured out that this was certainly a case where the solution was worse than the problem!!!