Wednesday, June 6, 2007

An "amended" open letter to the Legislature...

I thought about not posting this letter here due to the fact it is very personal but I find it hard not to as SB 965 will hit Oregonians (including myself) hard. I have seen close to 100 hits in the last two days because of this topic and feel that I should continue to post on the subject until we have an outcome. Thank you all for reading, I look forward to any comments...

Dear Sirs, Last week I wrote asking for your support on the UFL sponsored amendment in regards to SB 965, today I ask for your vote against this bill in its entirety. I have made several attempts get my thoughts down in a letter to you highlighting the points that make this bill a detriment to our state without being redundant. I find it necessary to amend my original letter as you have amended SB 965. With a few keystrokes you have managed to keep the basic principals but yet send a whole new message, not to mention change the players in the middle of the game. Please vote NO on Senate Bill 965. As both a consumer and a licensed mortgage loan originator I fail to see how passing this bill will protect those for whom it was written. I have worked in the financial industry for the last 14 years with consumers who have fallen prey to the types of lenders this bill is intended to impact and in my opinion that is where we must continue our focus. The compliance of “originators and lenders” under the current laws must be strengthened before new and unobtainable laws are rushed into. This bill if passed will place a larger burden on current regulation and force our local economy into further crisis by taking away many of loan programs that are imperative to sustain Oregon’s housing market. This so called Home Loan Fairness Act is an oxy-moron at best; please take to heart our efforts and allow a task force to draft a new bill that will truly protect Oregonians. On a personal note, if this bill were to pass I myself would be unable to qualify for a mortgage. Life happens and it happens to good people. On my husband’s thirty-third birthday he suffered a brain aneurism while we were away on vacation. I was 14 weeks pregnant at the time with our third child and had just cut my hours down to part time. He spent 3 days in the ICU and another week in the Neurological Ward. Some $67,000 later he was released to go home where he spent the next 3 months recovering, unfortunately insurance, disability benefits, and planning can only get you so far. Needless to say our savings, our budget, and our credit were shot. We make a decent living and have recovered financially but the impact still lingers. I tell my story only to put a name on the face of those whose lives you will affect. There are numerous families out there who might have different stories to tell but have experienced the same outcome. The types of lenders who would extend us credit for a home loan now are the same types of lenders this bill is going to drive away from conducting business in the state of Oregon. To top it off I most likely will find myself unemployed as I work for a small mortgage brokerage which stands to lose its bond if this bill becomes law. I have been following the evolution of SB 965 and have questioned its ability to protect Oregonians from the start. I am in favor of protecting consumers but this bill will only hurt them by limiting their options. Again I urge you to please vote NO on SB 965. Respectfully, Corri Klebaum Mortgage Consultant Sunrise Mortgage 301 Warner Milne Rd Oregon City, Or 97045 (503) 722-1540 cc Govenor Ted Kulongoski Senator Ron Wyden Senator Gordon H. Smith Representative Darlene Hooley Senator Kurt Schrader Representative Wayne Scott