House Passes Bill Curbing Mortgage Brokers - How Will This Affect Florida

WASHINGTON -- The House passed legislation to give more protection to home-mortgage borrowers, but deadlocks in the Senate make it unlikely that such a measure can be enacted into law before next year, in the latest sign Congress is struggling to address the nation's mortgage crisis.

By a vote of 291-127, the House approved a bill to tighten regulation of mortgage brokers and banks' loan officers, barring them from "steering" borrowers into higher-cost loans they might be unable to repay. But such legislation hasn't yet been seriously debated in the Senate,

Link to full story: http://online.wsj.com/article/SB119514330797994284.html?mod=todays_us_page_one

The above was posted just 8 hours ago from the time I posted this blog. With Florida being number 2 in the list of Top Ten Floreclosure States: http://www.nuwireinvestor.com/articles/top-10-foreclosure-markets-for-2007-51344.aspx how might this affect us here in Florida?

I am not a mortgage broker but this seems to be the issue of the day. I myself DO NOT blame this all on the mortgage industry. Our legislators knew well in advance of what was coming. Former Fed Chairman Alan Greenspan warned of it happening back in 2002 yet no one took heed. But, everyone just wanted to keep the ride going and not ever get off. Real estate agents played just as much a part in the current industry issues by over pricing homes and pushing the envelope, appraisers had their hand in it too and of course the mortgage lenders but most of all, it rolls downhill. Then when thing go wrong Congress points the finger everywhere but at themselves.

Ask yourself this, when was the last time you heard a politician say "Sorry, my bad!" I can't. They were too busy bashing Bush and each other to get a grip on anything. I may be rambling here but look at the issues and sometime you just have to say "I'M MAD AS HELL AND I'M NOT GOING TO TAKE IT ANYMORE!" to quote the famous line from the movine "Network".

Our housing market, our borders, our devaluating dollar, our government spending, natural disaters, or so we thought until someone got caught with a matchbook, increasing taxes, increasing gas prices, incrasing temperatures from global warming (my jury is still out an that one) and increasing headaches from the obvious ignorance of our government. It's enough to make you want to explode.

So what is the anser? What resolution can change the direction of our mis-directed country? My anser is simple:

I think back to conversation with my Grandmother about the depression and how people worked together to help each other. Whole communities supporting one another. They worked and worked hard when they could. They innovated and created. They changed their circumstances to make the best of what they had. Then, when war hit, they united and became a single voice with one resolve.

Where is that America, where is the unison with one vision? This Thanksgiving I ask from everyone that while sharing time, love and laughter with your families, think of what you have done, Have you had your voice heard? Share thoughts and ideas with each other and ask your elders: "What did you do during the war Daddy?