I got this email from Third Federal, my mortgage company, today. I think the OTS is about done and Third Federal will be in a different regulatory environment that they won't like. It reads:

August 27, 2009

Since 1938, Third Federal has survived many economic cycles. We were founded during the Great Depression, so my parents built our company to be Depression-proof. Since then, we’ve seen economic downturns, including the Savings & Loan Crisis of the mid-80s, and most recently, the subprime meltdown and economic downturn that followed and continues today.

As you know, Third Federal did not contribute to the current economic crisis. We did not ask for, or accept, TARP money because we know that you don’t want your tax dollars used to run our bank. We’re profitable. We’re strong. We’re stable. And we’re a safe haven for your deposits and loans. That’s the way it should be.

As a thrift, we specialize in savings, providing customers with great rates, and fulfilling customers’ dreams of homeownership. Right now, we’re being faced with a new challenge. In reaction to the mortgage crisis and the reckless behavior of other lenders, there is a movement underway in Congress to eliminate the charter that governs Third Federal – the federal thrift charter – requiring us to become a bank.

We need your help. Let Congress know that our success over the past 71 years isn’t an accident. We are successful because we’ve always had a strong capital position, led with our values, and never lost sight of our mission, under the thrift charter, to promote saving and homeownership.

Thank you for your support.


Chairman and CEO
Third Federal Savings