The Witch Hunt Has Begun...

[Scott Miller]

In the state that has the richest heritage of witchlore...

On July 23rd, the Massachusetts Senate passed Bill No. 2296 (http://www.mass.gov/legis/bills/senate/185/st02/st02296.htm) seriously handicapping the use of adjustable rate mortgages in the Commonwealth.

Rather then get into the dirty details (I'll let you all read for yourself), I would like to start a discussion on the big picture ramifications---here goes:

- As a real estate investor and/or homeowner, how do you feel about Uncle Sam telling you what mortgage programs you can or can not use?
- If similar legislation was inacted in the state in which you do business, how would this effect your business & profits?
- As a mortgage professional, how do you think this new governance will effect your business (assuming that this bill achieves national acceptance)?
- Do you feel the government has overstepped the boundaries of its responsibilities to its voting public or do you feel that more laws of this nature should be passed?

Make no bones about it, this is being watched by other legislators (maybe from your state) and with the cumulative issues that exist in the real estate market/industry today (not to mention all the bashing in the media and growing public disdain), this could just take on a life of its own and spread like wild fire (to other state platforms)...

Some of you might be reading this and say, "Scott's a lender and this is a self serving crusade from a self-important blowhard who sits at a table for one....", I say to those people that this isn't about me, the impact it's going to have on my business or whether or not I think it is appropriate or overkill, etc., you are missing the bigger picture.

This is really about you (as both homeowners and real estate investors), your freedom and in a macro-prospective, your constitutional rights...

Do you care? If so, then "We the People" need to "nip it in the bud".

Anybody that might be opposed to this form of big brother intervention recently passed (regardless if you do business and or live in Massachusetts) can voice their opinion in the following ways:

- Contact the House Ways and Means @ http://www.mass.gov/legis/comm/h34.htm
- Contact the Joint Committee on Financial Services @ http://www.mass.gov/legis/comm/j11.htm

As I see it both as a lending professional & homeowner, we are at a cross-roads---we can either "Speak up" or "forever hold our peace" (and potentially surrender a piece of our freedom and rights of choice).

Getting off the soap box now and opening the floor for discussion and rebuttal...

Regards,

Scott Miller