Hey there,

As my good friend Mr. Butts said, I am really having to shake my fin in Salem this year. There are several bills pending that would cut into my bottom line and many are having hearings today.

Right now I am monitoring Senate Bill 965 and amendments which would limit the prepayment penalties I can charge for subprime loans and would force me to provide some sort of benefit to the borrower in order to refinance a loan.

Doesn't sound like much, does it? But here's the thing...those two provisions go after some of my main profit centers.

And I'm ready. I've got the hearing room just PACKED with mortgage brokers. They are testifying one after another about how Senate Bill 965 will put them out of business.

It won't, of course. Many many states with thriving subprime mortgage markets have much more strict regulations. Oregon is a great place for me - it currently ranks at the bottom when it comes to offering protections from abusive practices of subprime lending. In reality, I know Oregon subprime lenders will continue to operate and thrive under Senate Bill 965 – in fact more than 80 percent of subprime lenders in Oregon also operate in New Mexico and North Carolina.

But if Mr. Butts can say smoking doesn't cause cancer, I can say SB 965 will shut me down. Fair's fair.