Mike Kennedy
Elite Member
- Joined
- Sep 28, 2003
- Professional Status
- Certified Residential Appraiser
- State
- New York
Mr. Hall, thank you for your reply.
I wonder if you, or your colleagues, are aware the vast majority of Certified and Licensed Appraisers are small business owners here in NY .......and ALREADY carry Errors & Ommissions Insurance to the tune of $500,000. to $1 million ...or MORE.
Senator Chris Dodd - CT, has mistakenly placed the large part of the mortgage fraud debacle on the WRONG End of the Process........
FBI Reports on SARS (suspicious activity reports) generated by Lenders - investigated by their Mortgage Fraud Task Force discovered that 86% of the fraudulent loans had ZERO to do with Appraisers - and ALL to do with Banks, AMCs, and Mortgage Brokers.
Requiring an additional BOND for mortgage lending equal to 1% of the total loan value amount of appraisals for mortgage loans from the preceding year - WILL cost anywhere from $40,000. to $100,000. or more...........and will DOOM thousands of small Businesses in NY State and hundreds in the Hudson Valley.
Please do ALL of us a genuine favor and look into this DUPLICATIVE and WRONG-HEADED, PUNITIVE MEASURE.
Thank you so much,
Mike Kennedy
KENNEDY APPRAISAL CO.
I wonder if you, or your colleagues, are aware the vast majority of Certified and Licensed Appraisers are small business owners here in NY .......and ALREADY carry Errors & Ommissions Insurance to the tune of $500,000. to $1 million ...or MORE.
Senator Chris Dodd - CT, has mistakenly placed the large part of the mortgage fraud debacle on the WRONG End of the Process........
FBI Reports on SARS (suspicious activity reports) generated by Lenders - investigated by their Mortgage Fraud Task Force discovered that 86% of the fraudulent loans had ZERO to do with Appraisers - and ALL to do with Banks, AMCs, and Mortgage Brokers.
Requiring an additional BOND for mortgage lending equal to 1% of the total loan value amount of appraisals for mortgage loans from the preceding year - WILL cost anywhere from $40,000. to $100,000. or more...........and will DOOM thousands of small Businesses in NY State and hundreds in the Hudson Valley.
Please do ALL of us a genuine favor and look into this DUPLICATIVE and WRONG-HEADED, PUNITIVE MEASURE.
Thank you so much,
Mike Kennedy
KENNEDY APPRAISAL CO.
----- Original Message -----
From: Congressman John Hall
To: mek2@frontiernet.net
Sent: Friday, June 13, 2008 5:41 PM
Subject: Responding to Your Message
June 13, 2008
Dear Mr. Kennedy,
Thank you for contacting me regarding H.R. 3837, the Escrow, Appraisal, and Mortgage Servicing Improvements Act. As a freshman member of Congress, it is important for me to hear from my constituents on a wide variety of issues, and I appreciate your comments.
H.R. 3837 was introduced by Representative Paul Kanjorski in October of 2007 to amend the Truth-in-Lending Act, a consumer protection law originally enacted in 1969. The law requires that creditors inform consumers of certain basic information about their loans. H.R. 3837 would require certain borrowers set up escrow or impound accounts while establishing a mortgage, in order to protect borrowers from tax liens, insurance premiums, and other necessary payments. It would also require that lenders inform borrowers of all costs in a transaction by requiring that lenders include escrow payments in any repayment analysis. H.R. 3837 was later incorporated into H.R. 3915, the Mortgage Reform and Anti-Predatory Lending Act of 2007.
In addition to the above, H.R. 3915 responds to the growing foreclosure rate in the United States by restricting predatory lending practices. According to the Center for Responsible Lending, roughly 4,500 homes are projected to be lost to foreclosure due to subprime loans in the lower Hudson Valley alone. Upon passage, H.R. 3915 would prohibit lenders from steering homeowners from a prime loan to a subprime loan or into any loan they are not reasonably able to repay. Lenders also would be prohibited from engaging in abusive or unfair lending practices. The bill bans excessive fees for payoff information or late payments and creates a national licensing system for all mortgage lenders.
H.R. 3915 passed the House on November 15, 2007 by a vote of 291-127. While the bill is not perfect, I voted for the bill because it helps address the current housing crisis and protects homebuyers. The bill is pending in the Senate.
Please feel free to contact my office whenever I can be of assistance to you.
Sincerely,
John Hall
Member of Congress
From: Congressman John Hall
To: mek2@frontiernet.net
Sent: Friday, June 13, 2008 5:41 PM
Subject: Responding to Your Message
June 13, 2008
Dear Mr. Kennedy,
Thank you for contacting me regarding H.R. 3837, the Escrow, Appraisal, and Mortgage Servicing Improvements Act. As a freshman member of Congress, it is important for me to hear from my constituents on a wide variety of issues, and I appreciate your comments.
H.R. 3837 was introduced by Representative Paul Kanjorski in October of 2007 to amend the Truth-in-Lending Act, a consumer protection law originally enacted in 1969. The law requires that creditors inform consumers of certain basic information about their loans. H.R. 3837 would require certain borrowers set up escrow or impound accounts while establishing a mortgage, in order to protect borrowers from tax liens, insurance premiums, and other necessary payments. It would also require that lenders inform borrowers of all costs in a transaction by requiring that lenders include escrow payments in any repayment analysis. H.R. 3837 was later incorporated into H.R. 3915, the Mortgage Reform and Anti-Predatory Lending Act of 2007.
In addition to the above, H.R. 3915 responds to the growing foreclosure rate in the United States by restricting predatory lending practices. According to the Center for Responsible Lending, roughly 4,500 homes are projected to be lost to foreclosure due to subprime loans in the lower Hudson Valley alone. Upon passage, H.R. 3915 would prohibit lenders from steering homeowners from a prime loan to a subprime loan or into any loan they are not reasonably able to repay. Lenders also would be prohibited from engaging in abusive or unfair lending practices. The bill bans excessive fees for payoff information or late payments and creates a national licensing system for all mortgage lenders.
H.R. 3915 passed the House on November 15, 2007 by a vote of 291-127. While the bill is not perfect, I voted for the bill because it helps address the current housing crisis and protects homebuyers. The bill is pending in the Senate.
Please feel free to contact my office whenever I can be of assistance to you.
Sincerely,
John Hall
Member of Congress
