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News
Of The Note/Cash Flow Business For Brokers & Investors |
, today is the last day you can tell the Federal Reserve and the new Consumer Financial Protection Bureau to stop attacking private seller installment sales (a.k.a. seller "financing").
If you haven't heard about this, you need to know that the governnment wants to effectively eliminate seller-held (a.k.a. purchase money) mortgages. It will do this by enacting a rule for the Dodd-Frank Act prohibiting property sellers from taking back a mortgage unless the buyer essentially can qualify for conventional financing!
What's more, Ma and Pa Homeowner, who create 95% of seller-held mortgages, won't be able to qualify buyers under the same underwriting standards that banks are required to perform, and therefore the cash flow notes won't be created.
If this is enacted it also will remove access to housing for millions of Americans, because seller "financing" is the only way people who can't qualify for conventional loans can buy a house.
We are down to the wire to try to stop this. At this moment only 366 people have left a comment on the Fed website. We need MANY more to stop this -- and we can. We stopped HUD's assault on seller mortgages by flooding them with over 5,000 protests.
The deadline to protest is TODAY, FRIDAY, July 22.
Then go to snipurl.com/AbilityToRepay
to submit your protest to the Federal Reserve -- the link to submit is at the bottom of the page.
Please do it RIGHT NOW!!
Here Are Some Points You Can Make In Your Comments:
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Seller "financing" provides housing for millions who otherwise could not qualify for conventional loans.
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Homeowners are not bank officers or mortgage lenders. By requiring them (many if not most of whom who take back a mortgage are elderly) to qualify buyers using bank standards means they will simply refuse to sell with owner financing. Thus millions of people will be deprived of home ownership.
More at
http://snipurl.com/t2cfq
Regards,
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In This Issue |
Your Help Needed To Stop Assault On Seller Mortgages |
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