HR 4173 – Another Round of Threats Aimed at Owner Financing and the Note Business
June 22nd, 2010 categories: Seller Financing, The Note Business
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[watch video] Help protect your personal property rights: the ability to use owner financing to sell your property, the ability to buy a property without needing to qualify for new bank financing, your ability to defer capital gains and enjoy cash flow for retirement by carrying paper.
If HR 4173 goes through unamended, it will greatly harm the real estate industry and the private note business. Thank you, Eddie Speed, for sending around this email:
Dear Friend and Colleague:
With HR 4173 moving forward in conference, we need to contact the Representatives and Senators listed below, as they are Conferees and will have final decision as to the inclusion of Section 1073 and 1074. Please review the draft letter (ready to be cut and pasted to your letterhead) and the attached fact sheet. Both items should be e-mailed or faxed to your Congressman. (Sending to Congressmen outside your area will have little to no impact.) The 5th paragraph has a bolded sentence where you MUST personalize or remove the sentence.
Who is your Congressman?
Contact a Senator from your state, or in state where you do business. Contact a Representative if you have property or do business in their
district. If you are not sure check this site:
Please contact your Senator or Representative if they are on this list.
List of Conferees on HR 4173:
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
Donations to support this effort of a $100 or more would be appreciated, and may be sent to:
National Association to Protect Private Property Rights
1725 east South Lake Blvd. Ste. #102
South Lake, TX 76092
Don’t forget, here is the customizable letter to email or fax to your representative, and the fact sheet to attach to it:
Thanks for letting us know about HR 4173. Its good that you keep abreast of all the new proposed laws regarding owner financing, and inform us about it. That’s much appreciated. God bless you.
Dawn,
Thanks for the heads-up. I am new to real estate investing and I am just about to close on a REO next week. I had the worse time trying to get a traditional 30 year fix from the banks. They want 25-30% down (as you know) and aside from all the redundant forms they want and endless proof of funds (where were they, circa 2006), they complain the loan is too small for them to make money on! Even on a 43K property 25% is a lot. Seller financing is definitely the way to go to move my business forward. I just sent letters to both MI representatives.
Thanks again!
-Antek
Thanks, Amin… it’s kind of hard to really keep on top of what is going on. They’ve got bills in process that contradict each other, and who knows how they’re going to enforce some of these things… kinda crazy.
Antek, yes, you’re so right! Great to hear a personal experience that highlights this very conversation! Thanks for taking action!
Dawn