SIFMA and the American Securitization Forum (ASF) provide comments to members of the Minnesota House of Representatives urging members to oppose the Minnesota Subprime Foreclosure Deferment Act of 2008 (H.F.3612).  If enacted, H.F.3612 would significantly erode the confidence that lenders and investors have in the stability of contracts in Minnesota, since the bill would explicitly change the terms of the applicable contracts after the fact.  SIFMA and ASF believe that the bill would have detrimental consequences to borrowers, lenders and institutional investors.