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From: Subject: Comments: Pretending, Lori A Hartmann Reg Z Truth in Lending Date: Dec 23, 2009 Proposal: Regulation Z Truth in Lending — Closed-end Mortgages Document ID: R-1366 Document Version:

[Docket No.] R-12-23) Dear Secretary Johnson: Although we have received the proposed rule under submission on August 9, 2009, I do not believe you received the complete list of the comments on our initial, August 9 draft. We are grateful to our clients and our many supporters for their continued patience and understanding as we worked through the comment period and then through the regulatory process, as well as our board members, particularly the two of you who have dedicated so much service to this organization; we look forward to taking final action on this rule. Our goal in developing our approach to closing the closed-end gap was to respond to the fact that many, but not all, traditional, closed-end mortgage credit products have become available to consumers today in a cost-effective fashion by allowing consumers to use a range of funds in lieu of putting down a large lump sum mortgage or, more recently, through other innovative financing approaches, through credit cards under traditional closed-end arrangements, and through innovative debt-to-income (I.R.) products. Although many borrowers are not able to exercise such options before qualifying for a conventional or an innovative closed-end product and although there are still many households in which the only option is a traditional closed-end arrangement, the availability of alternatives gives all the lending public the opportunity to achieve affordable housing and to have access to the financial resources they need for retirement, college, or other goals. This goal also calls for a broader consideration of consumers' ability to take advantage of these options so that the affordability of these alternatives reflects how much of the consumer's credit needs can be covered by their remaining debt obligations. The final rule proposes five regulatory changes that can be considered to close the closed-end gap. First, it will allow consumers to more easily access the equity of an existing mortgage and, more importantly, can provide a more consistent approach to the availability (or lack thereof) as to what may be considered the equity of the mortgage. This approach would have the effect of making it more likely that lenders will have a reasonable basis to accept mortgage applicants, and less likely that they will deny borrowers outright. In addition, the rule is designed to ensure that a borrower's ability to access a mortgage's equity is based on a borrower's ability to repay loans and would thus avoid the potential for some consumers to be denied access. In this regard, the rule would encourage lenders to provide for borrowers who use such alternative financing options, consistent with the ability of borrowers to repay the loan.

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