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It seems we are moving ever closer to socialism. You heard it here.
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LEGISLATIVE ALERT
U.S. Senate Plans to Consider "Foreclosure Rescue Scam"
Legislation
· Legislation Expected to be Introduced Soon.
· Measure Likely to be Modeled After Minnesota Law,
· But May Contain Additional Restrictions Harmful to Investors Nationwide
February 22, 2008 (U. S. Senate)
Wisconsin Senator Herb Kohl has announced plans to introduce legislation aimed at curbing the rise of 'foreclosure rescue scams' - using a model which may include restrictions that could be harmful to all real estate investors. The measure is likely to contain some or all of the following provisions:
· Ban on leasebacks-to-owners
· Ban on upfront foreclosure consultant fees
· Ban on all "subject to" transactions
· Limitations on an investor's ability to purchase or take an equity
interest in a home in default
· Ban on all advertising related to "Saving Homes from Foreclosure"
· Restrictions on real estate seminars, which could even apply to Real
Estate Investor Association meetings
The measure is likely to be modeled after a 2004 Minnesota law that governs real estate investors. The National Association of Realtors (NAR) has proposed the Minnesota law as an acceptable model for the entire United States. However, it should be noted, the members of NAR are exempt from this law. (Also noteworthy - in the Minneapolis / HennepinCounty area alone, foreclosures have increased more than five-fold since the 2004 passage of the Minnesota statute.)
On behalf of real estate investors at the national level, the National Association of Responsible Home Rebuilders & Investors (NARHRI) is already tracking this legislation. NARHRI Executive Director John Grant says that NARHRI will offer alternative legislation from the Commonwealth of Virginia, which has the support of the local realtors, lenders, consumer groups, and which recently passed the House unanimously.
NARHRI expects to see intense political pressure for passage of the legislation before members of Congress leave in the fall. NARHRI indicates it will be providing updates on this effort as circumstances warrant.
We are distributing this alert as part of our continuing effort to inform investors and urge your support for the work of TexREIA and NARHRI at both the state and federal levels. The U.S. House of Representatives will likely also act on this issue shortly, and lobbying and public relations efforts will involve hundreds of meetings with members of Congress and staff, preparation of letters, white papers, and testimony, advertising in Capitol Hill media outlets, and extensive outreach to the Federal Trade Commission.
Please show your support, and invest in your own future as an independent investor, by joining TexREIA today as a member, or making a donation, at supporttexreia.eventbright.com
-------------------------------------------------------------------------------
LEGISLATIVE ALERT
U.S. Senate Plans to Consider "Foreclosure Rescue Scam"
Legislation
· Legislation Expected to be Introduced Soon.
· Measure Likely to be Modeled After Minnesota Law,
· But May Contain Additional Restrictions Harmful to Investors Nationwide
February 22, 2008 (U. S. Senate)
Wisconsin Senator Herb Kohl has announced plans to introduce legislation aimed at curbing the rise of 'foreclosure rescue scams' - using a model which may include restrictions that could be harmful to all real estate investors. The measure is likely to contain some or all of the following provisions:
· Ban on leasebacks-to-owners
· Ban on upfront foreclosure consultant fees
· Ban on all "subject to" transactions
· Limitations on an investor's ability to purchase or take an equity
interest in a home in default
· Ban on all advertising related to "Saving Homes from Foreclosure"
· Restrictions on real estate seminars, which could even apply to Real
Estate Investor Association meetings
The measure is likely to be modeled after a 2004 Minnesota law that governs real estate investors. The National Association of Realtors (NAR) has proposed the Minnesota law as an acceptable model for the entire United States. However, it should be noted, the members of NAR are exempt from this law. (Also noteworthy - in the Minneapolis / HennepinCounty area alone, foreclosures have increased more than five-fold since the 2004 passage of the Minnesota statute.)
On behalf of real estate investors at the national level, the National Association of Responsible Home Rebuilders & Investors (NARHRI) is already tracking this legislation. NARHRI Executive Director John Grant says that NARHRI will offer alternative legislation from the Commonwealth of Virginia, which has the support of the local realtors, lenders, consumer groups, and which recently passed the House unanimously.
NARHRI expects to see intense political pressure for passage of the legislation before members of Congress leave in the fall. NARHRI indicates it will be providing updates on this effort as circumstances warrant.
We are distributing this alert as part of our continuing effort to inform investors and urge your support for the work of TexREIA and NARHRI at both the state and federal levels. The U.S. House of Representatives will likely also act on this issue shortly, and lobbying and public relations efforts will involve hundreds of meetings with members of Congress and staff, preparation of letters, white papers, and testimony, advertising in Capitol Hill media outlets, and extensive outreach to the Federal Trade Commission.
Please show your support, and invest in your own future as an independent investor, by joining TexREIA today as a member, or making a donation, at supporttexreia.eventbright.com
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