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Press Release

    Key Vote "NO" on HR 3915, the "Mortgage Reform and Anti-Predatory Lending Act of 2007"

    On behalf of more than 800,000 FreedomWorks members nationwide, I write to urge you to VOTE NO on H.R. 3915, the “Mortgage Reform and Anti-Predatory Lending Act of 2007.”  This bill imposes unnecessary regulation and exposes lenders to increased liability which will have the net effect of making loans harder to get and more expensive for American families that want to own a home. 

    This legislation opens the door to lawsuit abuse by failing to set clear guidelines for banks that issue loans and expanding liability to mortgage resellers.  It allows for legal action to be brought against lenders that issue so-called “safe harbor loans” that must meet certain standards, even after these standards are met.  Lenders will thus be incentivized not to issue these kinds of loans, even though they put homeownership in the hands of many lower income and minority home owners.

    In the tough current environment that our country’s housing market now faces, more regulation will only serve to slow things down further.    In fact, a recent poll conducted by FreedomWorks found that 60 percent of those surveyed favored allowing the market to address concerns about sub-prime mortgages without government interference.   

    FreedomWorks will count your vote on H.R. 3915 as a KEY VOTE when calculating the FreedomWorks Economic Scorecard. The FreedomWorks Economic Scorecard is used to determine eligibility for the Jefferson Award, which recognizes Representatives with voting records that support economic freedom.

    Sincerely,

     
    Matt Kibbe

    President and CEO

    FreedomWorks.org