“Unfortunately, who wrote or originated the letter is unknown to NAMB,” Councilman wrote in a Feb. 17 letter to Savitt. “The letter fell into our possession, as things sometimes do in D.C., and we thought it was interesting since it points out how consumers are affected by current regulations.”
Savitt, citing a Feb. 12 email from NAMB CEO Don Frommeyer, expressed skepticism.
“John, I have an email from Don which states, ‘he confronted the source,’” Savitt wrote to Councilman on Feb. 17. “Therefore, you know exactly where the letter came from. Please don’t try and B.S. me!”
Savitt told MPA he has good reason for wanting to know the source of the letter.
“I think it’s important – it’s vital – that NAMB disclose the name of the source from which they received that letter,” he said. “The perception on Capitol Hill is that the letter was written and sent to the media by a mortgage broker.”
And that, he said, is the last thing brokers need in an environment where they’re already looked at with suspicion.
“Don Frommeyer has assured me that it’s not a mortgage broker, and I believe him,” Savitt said. “I think it’s important that we show the people up on Capitol Hill that mortgage brokers are ethical, honest small business owners. By releasing the source of the letter, NAMB will show that mortgage brokers were not involved.”
As of this writing, neither Councilman or Frommeyer have responded to requests for comment.
To read the letter, click here.
To compare Johnson's official signature to the one in the letter, click here.