Yesterday, I sent out an email to a bunch of folks expressing my concerns about this bill. My broker forwarded my email to a contact who is involved in lobbying for the National Association of Realtors (NAR). I don’t have permission to post the entire response, but I will give the synopsis.
It looks like this bill will die in committee because it is not a high priority item for Senator Dodd (chairman). Dodd’s comments appeared in a May 28th release of Inside Regulatory Strategies and these comments indicate that he believes that the collapse of the sub-prime mortgage market has reduced predatory practices and 1728 is not really needed at this time.
Evidently, the original language in the bill caused real estate agents to be classified as ‘mortgage originators’ as well as ALL sellers who provide seller financing. NAR was involved in getting the current language to both exclude real estate agents and to provide some exclusion for sellers who provide financing (the 1 in 36 month exclusion).
It sounds like NAR supported seller financing, but could not convince the bill writers to provide a complete exclusion.
One Response
Stay in touch with the conversation, subscribe to the RSS feed for comments on this post.
Continuing the Discussion