I just skimmed the amendment. As of record today, it has been submitted but not voted on. It is interesting that it was not cosponsored by a Republican but rather by Senator Herb Kohl of Wisconsin.

Why anyone in Congress believes that the Director of the Bureau of Consumer Financial Protection should be assigned the responsibility for overseeing advertising and disclosures regarding the reverse mortgage industry is difficult to comprehend. It would seem that rather than more responsibilities, the Director should be involved in activities like catching future Madoffs, Stanfords, etc. Of course just to insure that there are no redundancies, “the Director shall consult with the Federal banking agencies, State bank supervisors, the Federal Trade Commission, and the Department of Housing and Urban Development, as appropriate, to ensure that any proposed regulation….” — another good use of the Director's and his bureau's time.

Peter Bell is fond of saying that some of the worst consequences for the HECM program have resulted from our own marketing. Whoever sent that vile mailer to the mother of Senator McCaskill should be drummed out of the industry. Now the Senator is fixated on false advertising and failure to have sufficient disclosures. It is an obsession with her. Of course as some point out, there is the appearance of a conflict of interest with her husband's involvement in the nursing home industry.

I only see the reverse mortgage industry as a distraction for what the Bureau Director must get down especially in the first few years of operation. It is hard to believe that two Democrats would propose tying up so many Bureau resources at the beginning of the Bureau in overseeing our industry.

This amendment needs to be defeated.

When ever it sounds tooooo good to be True !!rnrnThen be verrrrry carefull , because not everyone will tell you the 100% Truth .rnrnRead , Read ,Read , Read ,Read , Read ,Read , Read ,Read , Read , BEFORE ! you sign your life away .