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What will Trump’s Dodd-Frank rollback look like?

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Mortgage Professional America | 06 Feb 2017, 08:15 AM Agree 0
The president doesn’t actually have the power to end Dodd-Frank by executive order. But those orders could influence how the act is enforced
  • | | 06 Feb 2017, 02:03 PM Agree 0
    If it creates a market in which insurance companies and larger funds can get creative at market interest rates, then bully! If it just paves the way for the big box banks to invest in the stock market, then no go. So much damage has been done and so many lenders put as their top priority "compliance" rather than commonsense, it is hard to imagine how that can be rolled-back.
  • Joe Mortgage | | 06 Feb 2017, 03:21 PM Agree 0
    With working in the industry....everybody acts and sounds like he is repealing it. That absolutely would be disaster. However, there is just talk of revising Dodd-Frank. Do you know how many ridiculous things there are that prevents consumers from getting mortgages? Gifts for down payment are and always have been allowed. The problem is now you have to prove "blood" family. That involves birth certificates, marriage licenses and in many cases multiple items. I had a client whose grand mother was giving her a gift, but because of a step father-in-law's mother where the names couldn't get matched up.....she didn't get a house. How about having to prove what are sometimes ridiculously low deposits in your bank account because they aren't payroll......as if that is money laundering. The problem is, the sinners of 10 years ago are penalizing the consumer of today. There are a lot of basic measures that I don't think will be removed (like having to prove income for example), where there can still be plenty of scrutiny of mortgages to make them safe. It is the ridding of the ridiculous rules that were caused by the small percentages as a whole, of people from the mid 2000's.
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