Legislation to Ease Restrictions on Small Banks

The U.S. House passed a bipartisan bill on Tuesday that will roll back some of the strict rules placed on thousands of small- and medium-sized banks enacted as part of the 2010 Dodd-Frank law.

The Economic Growth, Regulatory Relief, and Consumer Protection Act contains several provisions that could ease mortgage credit through reduced regulatory burdens on smaller community banks and credit unions. The bill also contained several other provisions related to housing. For example, it would require Fannie Mae and Freddie Mac to evaluate and consider credit innovations, like adopting alternative credit scoring models. Currently, the mortgage giants’ credit scoring models do not take into account factors such as whether borrowers have paid their rent or utility bills on time. It also gives the Bureau of Consumer Financial Protection the authority to regulate Property Assessed Clean Energy, or PACE, loans and requires lenders to corroborate a homeowners’ ability to repay the loans that are levied as tax assessments on their homes.

The bill now heads to President Trump for his final signature.

Source: National Association of REALTORS® and “Congress Approves First Big Dodd-Frank Rollback,” The New York Times (May 22, 2018)

 

Housing is Key in 2012 Elections, Voters Say

Nearly seven out of 10 in America — seven more so for the millennial younger generation — say that candidates’ positions on housings will be very important to them in the 2012 presidential and congressional elections, according to a new survey by Move Inc. of 1,000 adults. 

Survey respondents identified the following top housing priorities for the next president’s first 100 days in office: 

  • Helping home owners avoid foreclosure.
  • Keeping interest rates low.
  • Making more affordable mortgage credit available. 

 The survey also found that four out of five Americans say a strong real estate market is key to an economic recovery. 

“After four years of living in a housing downturn, American voters clearly want answers and are looking to our elected leaders for solutions,” Errol Samuelson, chief revenue officer of Move Inc., said in a statement. “Our survey found that while some people may be frustrated or pessimistic, 27.3 percent of Americans still plan on buying a home. The survey illustrates candidates who share the concerns of the American people and make housing a top priority will win their confidence.”

Source: “2012 Presidential Elections: 69.6% of Americans Said Housing Will Influence Their Vote,” Move Inc. (Nov. 8, 2011) 

Other information about the Placerville, California region at: www.dougandbudzeller.com