Comments on: Oregon Senate Bill 965

By: Bruce from New Zealand investment property

Bruce from New Zealand investment property — Wed, 25 Jun 2008 02:51:00 +0000

You’re spot on there, Michael. I read a blog article on another blog recently where Senator Rick Metsger was being openly challenged about his being on the Board of Directors for that Oregon Credit Union. I’d go as far as to say that MORE than explains the reason behind the bill.

By: Michael

Michael — Wed, 06 Jun 2007 22:31:01 +0000

Senator Rick Metsger is a co-author of this bill, he is also on the Board of Directors for an Oregon Credit Union. Maybe this explains the reason behind the bill, he’s trying to eliminate the competition.

By: Anonymous

Anonymous — Wed, 06 Jun 2007 16:55:22 +0000

What the government does not understand is that banks like Wells Fargo is one of the problems. Over the last few the banks have been the ones that given loans to LO’s to sell like the 125% LTV/CLTV loans. So why are they giving all the rights to the banks? What is sad is the government should have asked LO’s, business owners and banks questions. With all of that information we could have come up with a better solution. Then maybe my dad would not be loosing his home to foreclosure. His house is sold but the bank will not work with the Real Estate agent to get this matter cleared up. I think they would rather have it go into foreclosure …maybe that is where the government needs to step in. At least the foreclosure rate would go down.

By: admin

admin — Mon, 04 Jun 2007 13:33:11 +0000

Good point about consolidation, and not a point that is discussed much on blueoregon.com and other sites that had rallied support for this bill.

At one point in my life, in my late teens, I counted on sub-prime lenders to give me a chance to prove that I was a worthy credit risk. Like many people who needed sub-prime lenders, I was able to later parlay this into better credit, and less “on paper” risk to lenders. Where sub-prime gets a bad reputation is when single moms w/kids are forced to pay 20% interest.

Lawyers in Salem latched onto this perception and used it to push this law through, without any thought for how it would impact more legitimate loans or small businesses in Oregon.

By: Don Smith

Don Smith — Sun, 03 Jun 2007 03:38:42 +0000

One main goal seems to be to force consolidation of the mortgage market away from brokers and towards the large banks. I’d like to know who was lobbying Avakian for this, but he may just be dumb enough to have wanted to do this “consumer protection bill” without much prodding at all.