A Re-write

[(Note from the Clerk of the Court: His Honor has taken it upon himself to make corrections to a previously published squaliformes document.)]

The National Home Equity Mortgage Association (NHEMA) outlined six positions/messages that it is working diligently to keep out front. They are herein included for the record of this Court (with appropriate corrections).

1. Our industry provides a major stimulus to the American economy by expanding [the real financial risks of] home ownership, [diminishing non-housing] consumer purchasing power, creation of jobs [in the financial services industry], and increases to tax revenues [and income for the legal profession].

2. In 2002, our industry helped [gain control of the financial futures of] over 2.5 million borrowers with approximately $250 billion in capital, by providing [us with] access to [their] equity and [ultimate control of the] opportunity for home ownership when they are in need of specialized financing options [and we can profit from them with minimal risk].

3. [Many of] our borrowers mirror the demographics of [some of] the nation’s [least informed and most desperate and vulnerable] homeowners.

4. We have expanded [our market and profits by granting more and more] access to credit while significantly reducing the cost of [lending, continuing to inflate interest rates and] borrowing, creating [the impression of] an ever more competitive market.

5. NHEMA educates financial service providers and [mis]informs consumers to enhance competition and ensure [that the image of] fair and ethical business practices [will help us conceal the damage done to victims of predatory lending and servicing].

6. Our industry is [quasi-]regulated by a wide array of federal, state and municipal laws that help industry practices and consumer protection [without any real risk of significant punishment for willful and deliberately predatory acts].


Herefore corrected and submitted for further publication,

The Honorable Judge Roy Bean.