ALTA Grassroots Effort Successful in Garnering Support Against Proposed QRM Provision
June 23, 2011
The latest ALTA grassroots advocacy effort helped garner support from more than 300 members of Congress urging federal regulators to revise their proposed Qualified Residential Mortgage (QRM) provision.
ALTA membership participation played a significant role in the success of the grassroots advocacy. Taking action last week, 290 ALTA members sent 890 targeted emails to members of Congress asking lawmakers to sign onto a letter opposing the proposed QRM downpayment requirements. Because of these efforts, 44 Senators and 282 members of the House of Representatives signed a letter urging regulators to make important changes to proposed mortgage lending regulations.
“The success of these efforts would not be possible without the voice of ALTA members,” said Nick Hacker, ALTA’s manager of state government affairs and a past state senator in North Dakota. “The impact of these contacts goes a long way with legislators and members of Congress.” “When a constituent from the industry reaches out with a message of concern, their view is carefully considered. If they do not speak up, it can be assumed they are OK with what is being done."
Participating in these calls to action is extremely easy. If you receive a call to action, simply log in with your name, email address and home address (or at least provide a Zip Code so we know which office to put you in contact with) and click send. Responding to the ALTA action alerts is key to successfully lobbying for the industry.
ALTA would like to thank all who responded to our QRM grassroots advocacy effort.