The Senate Banking Committee began marking up the Dodd-Frank Act and the housing industry rejoices!
Photo by Jomar Thomas on Unsplash
Yesterday, public statements from the Mortgage Bankers Association, the Independent Community Bankers of America and the National Association of Home Builders rang out like cheers from a packed NFL stadium on a Sunday afternoon… why you ask? Well, it’s because the Senate Banking Committee took out their big red marker and began working on a repeal of the famous, or now infamous Dodd-Frank Act Wall Street Reform and Consumer Protection Act.
The new bill calls for more “clarity” from the CFPB, (which we all can agree has a lot of gray around their policies) a deeper look into the credit requirements for obtaining a home and also revisiting the credit challenges home builders and buyers have experienced since act went into place. Obviously, this sparks a big debate as other experts see life differently and believe a repeal would create an opening for deceptive lending practices.
Either way, these are the types of conversations that should be happening in Capitol Hill. I think we all can agree that no other industry has had the impact on our country’s economy quite like the one we’re in… and if lawmakers can make some adjustments while keeping important regulations in place… the next few years for our industry could be really, really fun.