HR 4173 is the financial reform bill that has been the highlight of news coverage and congressional debate for the past few weeks and months. The bill has been passed, albeit in two different forms, in both the House of Representatives and the Senate.
The version passed by the House includes a provision to limit the extension of seller financing to one transaction per thirty six months (3 yrs). It would require that any seller who offered their own financing more than once in any three year period to become licensed as a mortgage loan originator. The Senate’s version of HR 4173 is entirely different. It does not include any similar provision.
As two different versions of the same bill passed in the chambers a “conference committee” has been appointed to try to establish a compromise between the two bills. Just over 30 Senators and Congressman are on this committee, all of whom are listed below with live links to their websites.
CALL TO ACTION: Please contact your legislators and let them know that you would like to see the provision requiring individuals to become licensed as Mortgage Loan Originators (House version, Title VII) to sell their own properties removed. We ask you to courteously inform your legislators of your position on this conference, and that you will be following the activity on this issue.
House Democrats:
Financial Services Chairman Barney Frank of Massachusetts
Howard L. Berman of California
Elijah E. Cummings of Maryland
Paul E. Kanjorski of Pennsylvania
Carolyn B. Maloney of New York
Collin C. Peterson of Minnesota
Heath Shuler of North Carolina
Nydia M. Velázquez of New York
House Republicans:
Financial Services ranking member Spencer Bachus of Alabama
Shelley Moore Capito of West Virginia
Senate Democrats:
Banking, Housing and Urban Affairs Chairman Christopher J. Dodd of Connecticut
Charles E. Schumer of New York
Senate Republicans:
Banking, Housing and Urban Affairs ranking member Richard C. Shelby of Alabama
CONTACT YOUR CONFEREE TODAY!