HR 3915 NAMB Teleconference Info

H.R. 3915 is poised to .R. 3915 the Mortgage Reform and Anti-Predatory Lending Act of 2007

National Teleconference to Discuss H.R. 3915 the “Mortgage Reform and Anti-Predatory Lending Act of 2007

Mortgage brokers are facing extinction. The U.S. House of Representatives is considering a bill that will fundamentally change the way we are paid, outlaw YSP, and legislate underwriting guidelines into law. Additionally, we fear that all subprime lending will cease to exist due to excessive lender liability. It is important that you read this memo.

We are calling upon our members to respond as never before. To save our industry, we are asking you to learn about this threat and then contact your congressman.

TIME IS CRITICAL. The bill became public last week. The U.S. House of Representatives Financial Services Committee will vote next week.

LEARN. Step 1: We have scheduled two information teleconferences. Please choose ONE of the two. The first is scheduled for Thursday, November 1st at 1:00pm EST (12:00pm CST, 11:00am MST, 10:00am PST), and the second is scheduled for Friday, November 2nd at 7:00pm EST (6:00pm CST, 5:00pm MST, 4:00pm PST). These are free calls.

CALL IN NUMBER

THURSDAY: 1-877-238-4697 Pass code: 453723.

FRIDAY: 1-800-214-0745 Pass code: 648439.

There will be 500 lines for each of the calls. Please call in early to guarantee a spot. You will be placed on hold with music until the moderator begins the teleconference.

RESPOND. We have prepared sample letters for your use in writing to or calling your congressman. These will be sent to our entire membership on Friday. Important warning: The vote is now scheduled for Tuesday, November 6. Please respond before next Tuesday.

More information is contained below. However, please call in to our conferences and respond so that we can preserve the way we do business and the subprime mortgage market.