One day after voting against helping homeless veterans, improving our roads and helping Florida families struggling with the foreclosure crisis, Ric Keller smacked Central Florida in the face again with his NO vote on H.R. 3915 - the Mortgage Reform and Anti-Predatory Lending Act. The Act, designed to put a stop to the predatory practices of unregulated sub-prime mortgage "originators" was passed with overwhelming bipartisan support on November 15'th. In an area of the country that is at the top of the list in foreclosure, one has to wonder why Ric Keller would vote against a bill that:
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Directs the Secretary of Housing and Urban Development and other specified federal banking regulatory agencies to prescribe jointly regulations to prohibit mortgage originators from steering any consumer to a residential mortgage loan that is not in the consumer's interest (loans with predatory characteristics).
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Sets forth licensing and registration requirements for mortgage originators.
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Sets forth minimum repayment standards for residential mortgage loans. Requires creditors to determine, based on verified and documented information, that a consumer has a reasonable ability to repay the loan, according to its terms, and all applicable taxes, insurance, and assessments.
Or that
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Sets forth defenses to foreclosure.
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Proscribes certain practices, including: (1) certain prepayment penalties; (2) single premium credit insurance; (3) mandatory use of arbitration; and (4) negative amortization mortgages.
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Redefines high-cost mortgages. Prohibits balloon payments for such mortgages.
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Revises requirements governing prepayment penalties. Prohibits lending without due regard to repayment ability.
In other words a Bill that tries to stop all the abuses that have led Central Florida into a foreclosure nightmare. Does Mr. Keller actually think the system is working in the best interest of his constituents? I know too many people looking to move these days to give my credence to that.
Actually, I know what Ric will say. He will say they same thing that some of his fellow Republicans said - that getting rid of predatory loans will keep people from living the American Dream. Nonsense. Using that logic, a loan shark is OK because he is just providing "sub-prime" credit to people who otherwise couldn't get a loan. If your legs get broken, no big deal. It's a completely disingenuous argument.
Does Mr. Keller really expect us to believe that it is better to lend money that can't be repaid on a home that isn't affordable to someone with bad credit, than it is to make them wait just a bit longer and save money for the home? Great thinking there. When they lose what money they had, when they lose their "dream" home and when there credit is even furthered ruined, they can call you to say thanks. Honestly who benefits from that kind of loan? Certainly not the borrower.
It is time we had someone in Washington looking out for our interest and not special interests. Two votes against Floridians in need in two days. Thanks Ric, you're doing a heck of a job.