December 2007

HR 3915 Bill--- Long over due?- Or A huge mistake You decide

We live in a very fast-paced financial world and have for years. Because of this many individuals and families have become victims of this financial world in examples of bankruptcy, foreclosure and various levels of unmanageable debt. There are very few companies nationwide who are trying to step up to the plate and help educate the general public in understanding the basics of credit, debt and finances simply because it is not as profitable as following the flow of the fast-paced financial world we live in.

It is very important all of us understand the financial environment around us by at least understanding the basics. I wanted to include in this article some information about the HR 3915 Bill, because this could potentially affect this fast-paced financial world we live in. Whether it’s for the good or the bad; you decide.
HR 3915, introduced by Representative Bradley Miller (D-NC) and cosponsored by 21 other members of the House, modifies three major sections of the Truth In Lending (15 U.S.C. 1602), Title I deals with mortgage origination; Title II outlines minimum standards for mortgages, and Title III addresses high cost mortgages.
On November 6th 2007 the HR 3915 passed in favor 45 to 19 by the House Financial Services Committee. It is going to the Full House of Representatives now for its next vote. If it is voted in favor again at the House, it will need to be passed by Congress and then signed by the President as well before it becomes law.
I will not go into detail of all three sections of this Bill, you can review it on line, but it has captured the attention of the Lending World. Many lenders worry that this revised Bill will actually hurt the consumer and narrow the financial window of competition because per the current revisions many feel it will drive consumers to only the large banks and lending institutes.
This subject is very “touchy” to most I speak to on a daily basis. There are pages after pages of blogs on-line of everybody’s different point of views on this Bill. I have kept this article brief and non-judgmental on my part but I will leave you with this thought of mine… I see how the Bill is trying to correct some of the long-term procedures and actions that many believe helped lead to the current sub-prime situation were in, but in reviewing the Bill, I see many changes to this before it becomes law or if it does become law simply because as it is now, there are still to many unresolved issues and new ones being added…..But you decide.
Remember no matter what financial environment you are currently in or will be in, if you at least learn the basics of credit, debt and finances; you will be MAKING OPPORTUNITY REALITY!