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NY Broker Running for US Congress

Bruce Hirschfeld running for NY representative post

Feb. 12, 2010

By SAM GARCIA


A New York mortgage broker hopes to represent some of the voters in his city as a U.S. Representative. The Democrat supports more regulation of Wall Street, opposes the Home Valuation Code of Conduct and wants illegal immigrants brought out of the shadows.

Bruce Hirschfeld is running for Congress in the 12th Congressional District of New York, according to a statement from his spokesman. If ultimately victorious, he would represent constituents in parts of Brooklyn, Manhattan and Queens for two years.

The Democrat is president of Montvale Mortgage LLC in Hackensack, N.J. He founded the company in December 2002.

The company says it is certified as an UpFront Mortgage Broker, which "assures customers fair treatment in all dealings." UpFront brokers say their interests are fully aligned with customers' -- and they disclose wholesale pricing to loan prospects, guarantee their fee quotes and provide clear explanations of lock requirements.

Hirschfeld has been in mortgage lending for 25 years, he told MortgageDaily.com in a phone interview. He noted that "everything was fine up until November of '07," when the whole mortgage industry fell apart.

Hirschfeld said he would be required to relinquish his post as Montvale's president and get out of the mortgage industry if he becomes a federal legislator -- though he probably won't shut down the company. He has no plans to leave the industry if he doesn't win.

photo of Bruch Hirschfeld
Bruce Hirschfeld in campaign ad

In response to a question about how his background as a mortgage broker prepares him to be a congressman, he noted that the U.S. constitution intended for the House of Representatives to be occupied by "ordinary men." He said his mortgage background doesn't relate to being a congressman.

"There really is no on-the-job training that would prepare you for a seat in the House of Representatives," Hirschfeld stated. "Nor do you really need one."

But the candidate noted that although he isn't knowledgeable about the military or health-care, "you read as much as you can read and then you have to rely on the people that you hire to give you the correct information."

While the New Yorker wasn't familiar with the Consumer Financial Protection Agency being proposed in the Consumer Financial Protection Agency Act, he did indicate he is in favor of more regulation of Wall Street firms -- which he identified the culprits of the meltdown.

Hirsch called the HVCC "a reactionary measure that Andrew Cuomo came up." He pointed to the higher appraisal fees and lower quality reports that are hurting borrowers and noted that a repeal of the code is in the works.

Hirsch indicated he is in favor of health care, though he isn't in favor of the current bill -- which he'd prefer to see done in smaller phased-in pieces than in a single piece of legislation.

He called for a clear immigration package.

"We need an immigration package that does bring the illegals out of the shadows, and does it in a meaningful way -- with a good fine for coming here illegally but also grants them a path to citizenship," Hirschfeld said.

If Hirschfeld wins the Democratic primary election in September, he would face a November general election. The winner of the general election heads to Washington, D.C., the following January to begin the term as U.S. Representative.

Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of MortgageDaily.com in 2000.

e-mail:
[email protected]


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