Loan Originator Compensation sign now

We, the Citizens of the United States, choose to utilize our collective voices and voting power to demand an INDEPENDENT review of the Federal Reserves actions taken against loan originators nationwide.

Since its inception, the Federal Reserve has always operated in the shadows, without sufficient scrutiny or oversight of its operations. While the conventional excuse is that this is intended to reduce the Feds susceptibility to political pressures, the reality is that the Fed acts as a foil for the government. The Federal Reserve has, on the one hand, many of the privileges of government agencies, while retaining benefits of private organizations, such as being insulated from Freedom of Information Act requests.

Throughout its nearly 100-year history, the Federal Reserve has presided over the near-complete destruction of the United States dollar. Since 1913 the dollar has lost over 95\% of its purchasing power, aided and abetted by the Federal Reserves loose monetary policy. How long will our government stand idly by while hard-working Americans see their savings eaten away by inflation?

The Federal Reserve Transparency Act should be immediately enacted. An audit of the Federal Reserve is only the first step towards exposing this antiquated insider-run creature to the powerful forces of free-market competition.

We agree with the importance of regulation prohibiting unfair, abusive or deceptive mortgage lending practices. The question is how to achieve these goals. The Loan Originator Compensation regulations that became effective April 1st, 2011 create undesirable and unintended consequences for lenders, brokers and consumers. The Federal Reserve has been unresponsive and vague in answering the thousands of questions. We can only assume this is a deliberate attempt to decimate our industry.

The Federal Reserve has an obvious conflict of interest!

The Federal Reserve is made up of the largest banks in the country. The share of the Fed that each bank has is determined by the individual size of the bank. In other words, the larger the bank, the larger its share in ownership in the Fed. Then, each year each bank gets a dividend paid out from the Fed based on its share of the Federal Reserve ownership.

The Federal Reserve has a conflict of interest between its own institutional best interests and the proper choices for monetary policy. That is the definition of a systemic risk. Creating rules that severely impact small mortgage companies or put them out of business will benefit the larger banks.

Listen to Loan Originator comments on the actions the Federal Reserve has taken against us!

I never thought I would see a day in this country where government would dictate how, how much, when, and where and by what means I would be paid. Folks, this is insanity! Government in the last few years has become more and more obtrusive in small business. It makes me sick to see such an anti-free enterprise through out the government. I have been a Mortgage Professional for 15 years, I am now faced with the grim reality that it has been a waste of my time and resources and will be actively considering other opportunities.

The only thing this new rule will accomplish is making the big banks bigger! So much for competition and truly helping the consumer.

Uniform pricing is akin to fixing prices, state-run industries and Big Brother as overseer. Or in short...communism. When my grandmother became a U.S. citizen, she came to start her businesses and take advantage of the free market system. If she were alive today, she would probably ponder, "What happened to my America?" But since she is no longer on this mortal sphere with us, I will ponder the question for her....

The Fed is basically saying that the American consumer is too stupid, and lazy to shop around for the best mortgage rates, so they're going to make it easy for them by leveling the playing fieldthereby destroying the brokers ability to undercut the big banks retail rates, which they currently can do on a daily basis. This will mean rates that are a half a percent higher immediately on April 1st as well as higher closing costs for consumers.

Just another bite out of our "free market society"! The real looser is the CONSUMER!

Entrepreneurship, imagination, and free market capitalism have been taken out of the picture. You may love being a paper pusher, but some of us loved the challenge of putting a deal together that was good for the customer AND good for us. Profit is now the enemy. At least profit for the LO. You can now hire a clerk at $25k a year to take the app. That's what the big banks and the government want.

The free market system has worked so well for over 200 years that we are now the most powerful and free nation on the planet. All that is changing due to you bleeding heart liberals that believe we, as individuals, need to be protected from ourselves and we must bow down to the government and do as they say without thought.

Regulations, regulations, regulations! Between the Feds, Frank/Dodd Bill , a handful of Dems & Reps and yours truly Obama, this country has been lead down a deep whole that is intended to kill free enterprise. They made to big to fail even bigger, they have grown the government and now are dictating what the little people are to be paid.

When you take the incentive from a person to do well, better and smarter, then you create mediocrity and that is not what built this country, but it is where we are headed. Sad, sad, sad.

US Government to lenders: "Please wait in the Stalin Room, we will be with you in a moment. We are finishing up with the Health industry. There are refreshments/kool aid for your enjoyment while you wait"

The Federal Reserve HAS NO jurisdiction in implementing law they are no more part of the Federal Government than Federal Express! They were created in 1913 and consist of a banking consortium made up of mainly European Banks that have controlled our money supply, printing, etc. since then with NO GOVERNMENT checks and balances. All the money in the bailouts came through them, they cant account for the distribution of these funds. A non-federal entity creating laws that impact the mortgages in our country? With no accountability? If it looks like a fish, and it smells fishy well?

WE URGE YOU TO LISTEN TO A RECENT FEDERAL RESERVE CONFERENCE CALL HELD JUST DAYS PRIOR TO THE APRIL 1ST IMPLEMENTATION OF THESE RULES. THEY ADMIT TO RECEIVING THOUSANDS OF QUESTIONS THAT THEY WILL BE UNABLE TO ADDRESS. IT CLEARLY DEMONSTRATES WHY SOMETHING NEEDS TO BE DONE. THIS CALL SCREAMS FOR INTERVENTION...FOR INTELLIGENT CLARIFICATION...FOR A DISCUSSION OF UNINTENDED CONSEQUENCES.

The recording can be downloaded here:

http://www.visualwebcaster.com/FederalReserveBankSF/77385/event.html

Sign The Petition

Sign with Facebook
OR

If you already have an account please sign in, otherwise register an account for free then sign the petition filling the fields below.
Email and the password will be your account data, you will be able to sign other petitions after logging in.

Privacy in the search engines? You can use a nickname:

Attention, the email address you supply must be valid in order to validate the signature, otherwise it will be deleted.

I confirm registration and I agree to Usage and Limitations of Services

I confirm that I have read the Privacy Policy

I agree to the Personal Data Processing

Shoutbox

Who signed this petition saw these petitions too:

Sign The Petition

Sign with Facebook
OR

If you already have an account please sign in

Comment

I confirm registration and I agree to Usage and Limitations of Services

I confirm that I have read the Privacy Policy

I agree to the Personal Data Processing

Goal
0 / 50

Latest Signatures

No one has signed this petition yet

Information

Patrick AdkinsBy:
SustainabilityIn:
Petition target:
U.S. Congress, U.S. Senate, and President Obama

Tags

No tags

Share

Invite friends from your address book

Embed Codes

direct link

link for html

link for forum without title

link for forum with title

Widgets