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					                        NOW! THIS MORNING! TODAY!
It will only take fifteen minutes to make three phone calls and to send three fax’s to take
your shot at changing outcomes.

The Congressional conference committee meets day beginning at NOON (EDT).

The third item on their agenda is the discussion of Title XIV, Predatory Lending. It is
during this debate that the House democrats on the committee will push for the language
inserted to the Senate version of the reform bill by them. This includes several items that
will harm consumers, housing, loan originators, small business and loan originators.

As IMMAAG and others have been pointing out this is all for the wrong reasons, too.

So, we are asking you to take the fifteen to thirty minutes (RIGHT NOW!) necessary to:

           Go to IMMAAG’s home page –
           Use the link to get the D.C. phone number and fax number for your Senators
            and your representative
           Use the link to see if any of your delegates are on the conference committee
           Copy the appropriate draft cover letter, add their address information and your
            signature block, then:
            o Call your delegates – that’s three calls
            o Fax them as soon as you hang up – that’s three faxes
                    Fax the cover letter, the Request for Action and the IMMAAG
                       Position statement – each available using the links on the home

On the phone call:

You want to make a few points on the phone call. We have condensed what is included in
the talking points on the IMMAAG home page to the items below:

You will either being asking them to consider the following during the committee
meeting, if they are on the committee or asking them to contact a committee member
with your position:

1)       Appraiser independence – tell them that HVCC has hurt consumers, housing
         values and loan originators and that since HVCC’s inception value fraud has
         increased, not decreased. Ask them to return the language in Title IV, Section
         4312 of the House version of the bill to the final version.

2)       Prohibitions on Steering Incentives – tell them that the consumer is best served by
         retaining choice and the ability to make informed decisions. Ask them to support
         a change in Title XIV, Subtitle A, Section 1403; that adds the following language
         to by replacing (B) (i) and (ii) with anew (i) that says: “For any mortgage loan,
       the total amount of compensation paid directly from the consumer to the
       mortgage originator for that loan may not increase beyond an amount of
       compensation agreed to, in writing, between the originator and the consumer
       prior to consummation of the mortgage loan.”

3)     Ability to Repay – Tell them that as written the interpretation by the market to the
       3% rebuttable presumption will result in major consumer access problems for first
       time home buyers and low income buyers or those trying to refinance homes with
       values under $200,000 and because ability to repay does not correlate to front end
       fees or compensation the changes are unnecessary. Ask them to support deletion
       of the points and fees as part of the safe harbor provision. Then offer an
       alternative that if for some reason they cant support removing the Points and Fees
       safe harbor ceiling, than 1) it must be limited to only compensation paid to the
       loan originator as an individual and 2) should be increased to 5%. This approach
       has worked in states such as West Virginia where a 5% compensation ceiling has
       existed for a decade and the state ranks last in foreclosures.

             This could be the most important call and fax of your career.

As soon as you are done forward this to someone you know who will join you in the

If you can find the time email – to let us know you acted.

Thanks and good luck!

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