HR 4173 In Conference Committee: Action Required

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(Thanks to National REIA for this update.) HR 4173 In Conference Committee

HR 4173 is the financial reform bill that has been the highlight of news coverage and congressional debate for the past few weeks and months. The bill has been passed, albeit in two different forms, in both the House of Representatives and the Senate.

The version passed by the House includes a provision to limit the extension of seller financing to one transaction per thirty six months (3 yrs).  It would require that any seller who offered their own financing more than once in any three year period to become licensed as a mortgage loan originator. The Senate’s version of HR 4173 is entirely different.  It does not include any similar provision. 

As two different versions of the same bill passed in the chambers a "conference committee" has been appointed to try to establish a compromise between the two bills.  Just over 30 Senators and Congressman are on this committee, all of whom are listed below with live links to their websites.

CALL TO ACTION: Please contact your legislators and let them know that you would like to see the provision requiring individuals to become licensed as Mortgage Loan Originators (House version, Title VII) to sell their own properties removed.  We ask you to courteously inform your legislators of your position on this conference, and that you will be following the activity on this issue. 

Here is a draft letter and a fact sheet.

House Democrats: Financial Services Chairman Barney Frank of Massachusetts, Howard L. Berman of California, Leonard L. Boswell of Iowa ,John Conyers Jr. of Michigan ,Elijah E. Cummings of Maryland ,Luis V. Gutierrez of Illinois  Paul E. Kanjorski of Pennsylvania,Mary Jo Kilroy of Ohio,Carolyn B. Maloney of New York ,Gregory W. Meeks of New York ,Dennis Moore of Kansas, Gary Peters of Michigan , Collin C. Peterson of Minnesota ,Bobby L. Rush of Illinois ,Heath Shuler of North Carolina ,Edolphus Towns of New York ,Nydia M. Velázquez of New York ,Maxine Waters of California ,Melvin Watt of North Carolina ,Henry A. Waxman of California

House Republicans:Financial Services ranking member Spencer Bachus of Alabama , Joe L. Barton of Texas , Judy Biggert of Illinois , Shelley Moore Capito of West Virginia ,Scott Garrett of New Jersey , Sam Graves of Missouri , Jeb Hensarling of Texas , Darrell Issa of California , Frank D. Lucas of Oklahoma ,Ed Royce of California , Lamar Smith of Texas ,

Senate Democrats:Banking, Housing and Urban Affairs Chairman Christopher J. Dodd of Connecticut, Tom Harkin of Iowa , Tim Johnson of South Dakota , Patrick J. Leahy of Vermont , Blanche Lincoln of Arkansas, Jack Reed of Rhode Island , Charles E. Schumer of New York

Senate Republicans:Banking, Housing and Urban Affairs ranking member Richard C. Shelby of Alabama , Saxby Chambliss of Georgia , Bob Corker of Tennessee , Michael D. Crapo of Idaho , Judd Gregg of New Hampshire.

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