by Tanta on 1/15/2008 11:34:00 AM

This showed up in my email yesterday:

Is your current mortgage turning out to be too good to be true? Financing your current mortgage into an FHA loan can help save your home. New legislation will allow homeowners in danger of foreclosure to refinance into a low, fixed rate FHA mortgage. To learn more about this new program, give me a call today.

Respectfully,
Toby Spangler
TJS Financial LLC
407-733-8962
www.homestarfla.com

So what? So this was the subject line of the email:

Skip your mortgage payment for 3 months

I hereby invite any reader of Calculated Risk, including of course any of you who happen to work for HUD and have enforcement authority, to correspond with Mr. Spangler and explain to him the meaning of the following:

The FHASecure initiative for refinancing borrowers harmed by non-FHA ARMs that have recently reset is not to be used to solicit homeowners to cease making timely mortgage payments; FHA reserves the right to reject for insurance those mortgage applications where it appears that a loan officer or other mortgagee employee suggested that the homeowners could stop making their payments, refinance into a FHA insured mortgage, and keep, as cash, the amount of payments not made on time.

I would of course be happy to forward the original message to anyone with a .gov email address; just drop me a line.

If you, a Calculated Risk reader, do not feel particularly motivated to correspond with Mr. Spangler, perhaps you could give some thought to corresponding with your members of Congress on the subject of "modernizing" FHA to allow more "streamlined" participation by mortgage brokers.

If you happen to be an idiot mortgage broker cruising sites like this one to find email addresses to add your sleazy spam lists, why go right ahead. Add me to your list. I'm here to help you get the recognition you deserve.