Letters to the Editor

In response to the letter to the editor "Business person needed to be in charge of the FHA," the Illinois Association of Mortgage Professionals notes that low down payment loans do have a valuable place in the market, provided that the consumer and mortgage originator handle the situation appropriately. Specifically, the public and industry should remember the following:

• FHA is funded by the up-front mortgage insurance premium charges and no taxpayer money is used to sustain its losses. This federal program was introduced in 1934 and is the only federal agency that has never needed funding by tax dollars -- it is totally self sustainable.

• VA loans have always offered 100 percent financing and they have a lower default rate than FHA, which supports the fact that there is a responsible way to secure low down payment financing.

• The major reason people fall into foreclosure is not lack of equity; rather it is unforeseen life circumstances such as change in employment, health or marital status.

Our association supports common-sense legislation and regulation provided it is applied to all loan originators, regardless of who employs them.

Consumers should ask their loan originator to see their 031 registration number, which indicates successful completion of competency testing, criminal background check and annual education requirements. For additional consumer information, visit the Illinois Association of Mortgage Professionals Web site at www.iamp.biz.

Jeri Lynn Fox

President

Illinois Association of Mortgage Professionals

Lombard

Like many residents of Bolingbrook, I am a runner. My usual route takes me close to home from Lily Cache on Weber to Boughton and back.

I'm able to make this round because we have a great system of sidewalks and I can choose to run day or night due to the lights and feel safe -- or so I thought. I was running at 3:30 p.m. on a recent Saturday and a motorist was stopped at the sign to the entrance/exit of Aldi.

I crossed in front of his vehicle since there were four other cars behind him. I was halfway across when he hit me with his front bumper. Had I not slapped the hood of his car with my hand to startle him enough to stop, it would have ended with me on or under his vehicle.

I walked past the driver's side and through his closed window he yelled "why don't you watch where you're going!" Really? I was the pedestrian and I had the right of way. Even more disheartening was the fact that there were no less than six other vehicles in this intersection and not one person checked to see if I was OK.

I'm sure there are people who would suggest that runners find a running path if they want to feel safer.

Fair enough, but what are the sidewalks for? I could have been a pedestrian walking a dog, a child on his way to a friend's house, or even a mother with a stroller. Drivers need to be aware of their surroundings.

Stop signs and traffic lights need to be enforced but the police cannot be everywhere all the time.

I hope anyone reading this will take that extra moment while driving and be alert to others. Driving is a privilege, not a right, and knowing the rules of the road doesn't end with your written test.

DeAun Tollner

Bolingbrook