A copy of an email I sent to Colorado Senators Udall & Bennet today. Feel free to copy & share with others.
Please help…the Federal Reserve is driving my industry out of business.
Dear Senator Bennet,
Small business mortgage broker companies have been under attack and need your support.
The majority of banking regulation & specifically the Federal Reserve’s pending compensation mandates (Going into effect April 1, 2011) have been aimed squarely at the mortgage broker. Being a mortgage broker I can say I consistently beat the banks in offering better, less expensive financing options to Coloradoans. Please become educated about the unfair conditions that pending regulation will create for these small businesses in Colorado and across the country in being able to deliver lower cost options to consumers. Please support changes to preserve our livelihood.
Below is a brief video overview of the questionable justification for just one piece of regulation negatively affecting mortgage brokers and consumers. The effects of the Fed’s regulation will reduce consumer choice and prevent brokers from being competitive by eliminating their ability to lower their costs to earn business and make concessions to a consumer.
Not only is the justification for this legislation questionable, there is no research or studies available to show it will address any of the objectives of the Federal Reserve. The regulation from the fed further supports the “Too Big to Fail” banks and will leave many small businesses unable to compete on a level playing field. Many of my colleagues are going to work for the “Too Big to Fail” banks or are leaving the business altogether.
Please contact me for additional information on how you can help the ailing National housing market and preserve competition that benefits Coloradoans and all the citizenry of the Unites States.
Uptown Mortgage-The J. Berman Group