Trump Replaces Dodd Frank
This is a needed move in the right direction.
Does the new legislation allow banks to fail with no consumer bailout money?
That LYING moron Drumpf hasn’t the faintest idea what affect this will have. Someone whispered in his ear to do this. Probably a banking lobbyist. He just killed it because Obama had something to do with it. The AMCs will continue to overcharge and LO compensation won’t change. This will barely affect day to day operations.
All this bill did was relax the capital reserve and compliance requirements, which is beneficial for small banks and credit unions. With the return of the independent mortgage broker nothing has changed. For those that are independent mortgage brokers the biggest issue that needs to be “repealed” is lender paid compensation counted in the 3% LO comp rule under Dodd Frank. In its current form lender paid compensation is double counted in both the final interest rate and the points test. Whereas a SRP for a lender is NOT counted in the points test. Therefore lenders can offer more choices between low rate high cost or higher rate low cost. There was an effort in Washington DC to correct this mistake; however lack of interest from the mortgage brokerage industry killed the momentum of the bill.
Is no one concerned about the lack of appraisal portability? Borrowers pay for the appraisal. Good or bad, they should be able to take it with them to another lender if desired.
What could possibly be wrong with a financial bill authored by two Democrats, one being a fabulous Democrat?
I thought it was the appraisers that were the blame for everything.
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