President of the Mortgage Bankers Association, John Robbins had this to say about the new HR 1852:

“It is foolhardy” to weaken the standards for brokers at a time when mortgage defaults are rising. Replacing the audited financial statement with a surety bond would not only remove an additional layer of protection for consumers but could also threaten the safety and soundness of FHA”

The Bill was approved by the House Financial Services Committee, in a 45-19 vote. The Bill won passage in the House on September 18, 2007 with 348 Ayes, 72 Nays, 12 Present/Not Voting.