SAFE Act

[Jonathan V.]

I'm passing this along from another forum.
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HUD is proposing to end seller financing on all housing including mobile homes, with the exception of personal residences, unless the seller becomes a licensed mortgage originator. To implement these regulations they are redefining seller financing as loan origination, even though no money is actually loaned to the buyer under an installment sale contract The new regulations will effectively end all investor installment sales and will probably apply to lease options as well.

To stop these regulations from being implemented, please submit our comments at www.regulations.gov. Select proposed rules for "document type", search using the keyword "safe mortgage", click on "FR-5271-P-01 Safe Mortgage Licensing Act..." to read the proposed regulations and submit your comments.

We have until 1 minute before mid night tomorrow to comment on these regulations, and hopefully stop this government assault on our property rights and our businesses.

Please pass this on to your fellow investors.

Thanks,

Eugene

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