Friday, June 1, 2007

Kill Bill 965

I don't see any reason to blog about anything else these days as the vote on Oregon's SB 965 draws near. Although amendments have been made to improve the bill's impact on loans approved through automated underwriting the bill no longer includes banks and credit unions. This bill will be detrimental to Oregon's economic well-being. Consumers must speak up, this affects you! Find your legislator
Today I received this e-mail from Representative Wayne Scott...
Dear Corri, Thank you for your e-mail on SB 965, the bill that makes changes to Oregon’s “non-traditional” home loan laws. This bill recently passed the Senate by a 24-2 margin and the House Consumer Protection Committee 4-2 with one member excused. It is now headed to the full House for a vote in the upcoming days. Frankly, given the support the bill has received so far, it will be difficult to stop. However, at this point I will not be supporting SB 965. The current version of SB 965 would limit consumer choice when it comes to home loan options. With housing prices rising as fast as they have been in recent years, I recognize that many families rely on “non-traditional” loans to finance their home purchase. I am not in favor of government making it more difficult for families to buy homes. Most of the mortgage brokers I have heard from believe in full disclosure of terms, and support requiring full disclosure for those who do not do so voluntarily. While there are a few cases of unscrupulous mortgage brokers deceiving borrowers, I think the Legislature’s efforts, as well as the industry’s efforts, should be focused on better regulating those brokers, rather than punishing all brokers and limiting consumers’ options in the process. In closing, thanks again for sharing your concerns with me. If you have any questions, or if I may be of further assistance to you, please don’t hesitate to contact me. Sincerely, Wayne Scott State Representative, District 39 House Republican Leader 900 Court Street NE, H-395 Salem, OR 97301 503-986-1400