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Friday, December 14, 2007

LEGISLATION AND REGULATION: The Homeownership Preservation and Protection Act

As a part of a comprehensive strategy he says will “protect, preserve and
promote the American dream of homeownership,” U.S. Senator Christopher Dodd
yesterday introduced legislation to help put an end to the abusive and predatory
lending practices that have sent nearly a million Americans into foreclosure and
put just as many more in danger of losing their homes.

I am linking you to Ralph Robert's Flippingfrenzy Blog to view his post on Senator Dodd's proposed legislation. As you read his post you will come to my response at the bottom. Mr. Roberts does a very good job of reporting what is being said and published and in conversations with him personally, I find that he truly is seeking the truth while attempting to thwart fraud not only in the mortgage industry but in real estate and related industries as well.

I admit that we have and have had problems in the mortgage industry but don't agree that we need to legislate and regulate it in the manners that are being proposed by many in Congress and elsewhere.

As a country we are over regulated in too many areas as it is. History has shown and taught us that regulating certain industries have caused severe damage and problems to those industries and ultimately the price was paid by the consumer.

Free enterprise is a one of the main features to our country and society. If we continue to regulate and legislate then the "Free" part of enterprise disappears. We as Americans need to be cautious and become more vocal as more and more freedoms are taken from us under many different excuses and justifications. I believe that instead of legislation we need enforcement. If a crime has been committed then the problem rests with our law enforcement agencies then through our judicial system. I believe we already have the protections needed. Seek out the crooks, charge them with the crime, prosecute them and punish them if found guilty in a court of law. We are using Congress and legislation/regulation as our criminal justice system. By doing this we don't go after the individuals we go after industries.

Back to the mortgage industry. So many reasons have been given for the so called "meltdown" but many have been incorrect or totally misleading. I believe Senator Dodd is ill informed, incorrect and misleading the public.

If you go to my web site, or if you came here from there, go view some of my articles on the causes, as I see them, in the mortgage crisis. Also, on that site view my article on Caveat Emptor, Buyer Beware. I appologize for having you jump back and forth but I feel it is more efficient rather then republish on this Forum.

In another future article and post, I will address Predatory Lending, a topic that appears to be at the root of published, reported and government discussions. Predatory lending in and of itself is not the cause or main issue as relates to our current housing crisis. (Note that I say "housing crisis" not "mortgage crisis")

We need to fix the problem economically as it goes far beyond just housing. The problem is at a much higher level and is international in scope much to complicated for the average person to even understand. But if we continue to focus on one small segment of it, way down the ladder, then we will never fix the problem.

1 comment:

  1. I applaud your efforts. It is about time someone addressed the fact that homeowners, for the most part, bought things they couldn't afford and investors got in over their head. Real estate prices, while generally will appreciate, are not on a one way ticket higher. What responsibility is a mortgage broker supposed to have? For every mortgagee that was duped by their mortgage company, there are hundreds of people that just didn't know what they were getting into, which is scary considering it is the average person's largest purchase.