The below is a summary I received from one of our investors about the successful mortgage industry coalitition that halted a possible devastating anti-consumer mortgage law from being passed. In this time of turmoil in the financial and credit markets, there are many opportunities for politicians looking to make a name to sponsor new laws that while sounding great in the headlines, actually remove choice and potentially will raise here in Georgia and Florida.
I am very pleased to report that the mortgage industry in Georgia was succesful in stopping Georgia’s Senate Bill 57 in the Rules Committee of the House this year. With the closing of the state legislative session on April 3rd, SB 57 now poses no threat until it is potentially revived next year. It is my understanding that in next year’s session, SB 57 will be revived and reassigned to another Senate Committee for work and review. While that may or may not come to pass, we have laid an excellent groundwork to oppose this and future bills that could negatively impact our industry.
The team at Anderson Lending Group works hard with state and national legislative committees to prevent harmful legislation from being passed that would severely limit not the ability of our customers to obtain financing.
