Mortgage Professional America forum is the place for positive industry interaction and welcomes your professional and informed opinion.

House finance chairman to unveil plan to replace Dodd-Frank

Notify me of new replies via email
Mortgage Professional America | 31 May 2016, 12:51 PM Agree 1
The House Financial Services Committee has announced plans to unveil its alternative to the controversial Dodd-Frank Act, which one lawmaker once compared to ‘regulatory waterboarding’
  • | | 31 May 2016, 03:29 PM Agree 0
  • Bmang | | 31 May 2016, 05:00 PM Agree 0
    I hope they succeed in killing Dodd-Frank. I'm a mortgage broker and entrepreneur. These ridiculous rules and laws are crippling our economy and stopping any real chance at growth and new businesses.
  • | | 31 May 2016, 05:16 PM Agree 0
    Its about time!
  • Vince p | | 31 May 2016, 05:16 PM Agree 0
    If the general public only realized how they are harmed by this law they would scream for change. If they learned they were lied to and now there would be a handful of banks controlling a vast majority of banking "wealth" (to use a simple phrase) and how 'too big to fail' was made into today's reality they'd demand change.
  • SBHarkness | | 31 May 2016, 09:10 PM Agree 0
    Have you noticed how they name these, "poison pills"? I mean, who would be against the Dodd -Franks Wall Street reform & Consumer Protection Act? If the American consumers only understood what was contained within those pages. I am tired of apologizing to my clients after they obtain a mortgage. They tell me that had they known what was required they would have chosen to keep their higher interest rate mortgage.

    If we get a Republican in the Whitehouse for President as it appears we will. I look forward to having an even more robust housing market in the future. Since every new house built adds three family wage jobs to the economy this would go a long way toward making America great again.
  • Frustrated with Dodd-Frank | | 01 Jun 2016, 03:38 PM Agree 0
    about time to take another look at. I am a MLO working in Mortgage industry since 2002 and getting mortgages fund with these ridiculous rules is killing the market and borrowers are paying way more high fees now then ever before.
  • KAS | | 01 Jun 2016, 08:53 PM Agree 0
    Good - Dodd-Frank has to go! Dodd -Frank has nothing to do with consumer protection or for the broker being able to shop successfully for the consumer's best interest. Dodd-Frank is ALL ABOUT EGO - AND THEIR OWN SELF INTEREST (and feeling big!!! - TIME TO KNOCK THE CHIP OFF THE SHOULDERS!!!

    Put Sanity into thinking!
  • david A | | 06 Jun 2016, 01:58 PM Agree 0
    This is POLITICS as usual in Washington. AS a Republican I am tired of the adversarial role the electorate plays when any legislation is offered by the other party. Dodd-Franks is Not the cure all. Maybe if they tweak it to make it better, rather than destroy it and start over. The Republican bill put forth to allow higher closing costs to homebuyers is a sin. If the American people don't wake up and hold the elected officials accountable, we will be in worse shape than 2007-2008.
  • Stefen L. | | 19 Jun 2016, 07:23 AM Agree 0
    Hmmm, I wonder how many of the commentators here are Republican? Based on the comments I've read, I'm going to assume most of you probably offense. LOL!

    Let me begin by asking a simple question....
    Has everyone forgotten why Dodd-Frank was enacted OR is it easier to ignore everything that lead to the worst economic collapse of our time?. Sorry to bust the bubble, but Dodd-Frank and the Consumer Protection Act were two massive pieces of legislation that Obama passed as a direct response to the financial crisis of 2008. Dodd-Frank and the Consumer Protection Act contains over 1,000 pages of provisions, all designed to decrease the risks inherent to our financial system and to prevent our economy from ever experiencing a crisis like that of 2008 again. And It will also protect consumers from many of the abuses that contributed to that crisis.

    ("But the act will hurt economic growth"! ) I've heard this same argument from several people, mostly lenders and it's a load of bull.
    If this were true, we would have seen the alarming affects on the economy by now. and since 2008, we're obviously not experiencing all the doom and gloom once thought. Way to go Obama!
Post a reply