From www.clla.org March 20, 2003 House Passes Mortgage Lenders Fair Debt Collection Practices Act Exemption. On March 19 the House passed HR 314, 424-0, a bill creating a exemption for mortgage loan originators from federal requirements that lenders inform debtors about attempts to collect a debt and make certain other disclosures. The exemption applies only to first lien federally related mortgages acquired by a mortgage servicer for whom the collection of delinquent debts is incidental to its primary function of servicing current mortgages. Looks like the mini-miranda won't be required anymore if the Senate goes along.
It will only apply to the original creditor in a home mortgage situation and only when the mortage is under Fannie Mae or one of the government programs. Won't apply to any other kind of debt.
My immediate thinking is that it probably will. However, you must keep in mind that we don't have the full bill to look at in it's finished form yet so anything we say at this time is pure conjecture and it will remain that way until the Pres signs it into law if that happens. Right now it's just a guessing game no matter what info we do or do not have. All kinds of things can happen and it can even get sent back to the house for house approval of Senate changes and by that time the House could make even more changes and return it to the Senate for final vote. Then the Pres could decide he don't want to sign it. So what we think now don't really mean diddly squat.
