My email from Congressman Dave Reichert on HR 3915


Dear Mrs. Porter,

Thank you for contacting me to share your views on legislation to address predatory mortgage lending. I appreciate your thoughts on this matter and welcome the opportunity to respond.

As you know, Representative Brad Miller (D-NC) introduced the Mortgage Refomr and Anti-Predatory Lending Act (H.R. 3915) on October 22, 2007, to create a nationwide licensing system for mortgage brokers similar to our existing system of federal banking regulation. I supported this legislation when it came to the House floor for a vote because I am concerned that if predatory lending continues to lead to foreclosures and decimate the market, it might reduce the value of homes across the 8th District and our nation. It is estimated that families not facing foreclosure could see the value of their homes decline by $265 billion because of the ripple effect 2.2 million foreclosures would have in diminishing process of surrounding homes. The measure passed the House by an overwhelming bipartisan vote of 291-127, and has been sent to the Senate for review.

When H.R. 3915 was originally presented to the House, it contained some flawed provisions. That’s why I supported amendments to clarify and narrow its scope to ensure that it targets predatory lenders and does not have unintended consequences for mortgage brokers who responsibly extend credit to homebuyers. I also sought to exempt prime loans from the bill and reduce the potential for frivolous lawsuits and borrowers alike.

Rest assured that I will continue to closely monitor the crisis in our mortgage markets and its impact on our economy. The crisis will require public and private sector effects to help those affected, and I will support measures that provide necessary assistance without sacrificing free market principles.

Once again, thank you for taking the time to get in touch with me. Your interest and input are valued and I hope to hear from you in the future regarding other matters of importance. I encourage you to visit my website and sign up for my monthly e-newsletter at to learn more about other issues impacting the 8th Congressional District and our nation.


David G. Reichert
Member of Congress

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