do not pass the SAFE Mortgage Licensing Act:

Sent to Congressman Bill Posey, Congresswoman Suzanne Kosmas, Senator Bill Nelson and Senator George LeMieux. I asked each of them to look at the SAFE Mortgage Licensing Act and it's ill effect on the economy.

This is what I said:

Please look into the following and help to keep it from passing this is critical to the economic recovery.

Document ID: HUD-2009-0155-0001: FR–5271–P–01 SAFE Mortgage Licensing Act: HUD Responsibilities Under the SAFE Act

Comment Tracking Number: 80a916c3
I would like the definitions in the proposed rules to be changed so that private individuals can originate and service loans on properties they personally own.

· bank loans are not available on some types of properties
· the tight lending climate has made bank financing "out of reach" for many
· seller financing is an "age old" tradition based on private property rights
· these rules would prohibit even partial seller financing - i.e. a "seller second"
· according to HUD's "Residential Finance Survey" in 2001, roughly 40% of all non-farm residential properties in the US are owned free and clear
· an estimated 6 million Americans own a property other than their own primary residence
· an estimated 4.5% of Americans own three or more properties, many purchased solely as investment properties
· 40% of non-owner occupied residences are mobile homes which are more difficult to sell with bank financing
· approximately 5% of homes in US are for sale or for lease... seller financing may be key to liquidating this inventory

Please do not pass this rule

Comment submitted 12 Feb 2010 Comment