Spinny Liberal attacks 21st Mortgage on Dodd-Frank reform effort

Predatory Lending Spinny LiberalSpinnyLiberal’s (SL) recent post reminds us there is another viewpoint to the Dodd-Frank legislation. SL took aim at 21st Mortgage, starting with the allegation that  “Predatory Lenders Hate Regulation.”  According to SL, the ‘janitress’  “showed me a packet she got in the mail from 21st Mortgage Corporation, her mortgage company. She asked me about it. Oh man. After reading it? Head. Spinning. Anger.” The package contained form letters and pre-addressed envelopes, asking the 21st Mortgage customer to write her Senators and U.S. Representative.  The cover letter explained why Dodd-Frank in its current form will harm manufactured home owners. SL wrote, “Unbelievable. They encouraged her to voice her opinion with prewritten letters?” SL wraps up his lengthy blast at 21st – complete with examples – by writing: “The Manufactured Home Owners Association of America agrees. They know that the Dodd-Frank Act is a good thing. Selling homes that people can actually afford so they don’t end up foreclosing. What a concept.  I shouldn’t be surprised that companies protecting their shady interests would try tricks like this…She dumped the packet in the shredder…exactly where they belong.”  In a posted reply, LATonyK responded to SL with “The truth is the truth. 21st Mortgage is right on this. Barney Frank has said the bill needs amending, and has said he will work to amend it.”  SL’s reply?  “The tactics 21st Mortgage used were downright disgusting. Prewritten letters made to look like the MH owners wrote them to be placed in prepaid envelopes to send to their Senators? …People shouldn’t feel like they should send them because the one they pay every month told them to. If the MH owners have a problem with Dodd Frank, they can voice their opinion. NOT the opinion of 21st Mortgage.”  LATonyK countered: “Spinny, Just as you are sounding off and lining up support for Dodd-Frank, so too the lender can sound off and ask for support to change it. The fact that Barney Frank…is willing to amend his own legislation should be compelling to any thinking person…a true liberal should be for not against free speech.  It should not matter who states a fact. The facts support 21st (Mortgage) in this matter. If I were a stockholder… I’d argue that they are absolutely correct in asking their customers to write. It would be irresponsible to not let their customers know what is coming, if they have an opportunity to stop this from negatively impacting millions (of) manufactured home owners.”

(Graphic credit: SpinnyLiberal)

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