Ten years after Bear Stearns, Congress reconsiders Dodd-Frank

[Jeff Filali]

Article courtesy of Bankrate.com Ten years after Bear Stearns, Congress reconsiders Dodd-Frank

What's everyone elses thoughts on the above article and possibility of changes?

In my opinion this could be good for the small independent investors, by removing some of the regulations intended for the big banks. The added fees, and compliance regulations have almost eliminated small independent investors, and financial institutions from doing mortgages, and in return have actually created worse situations for many consumers.

There's many independent banks and credit unions in my area who no longer even write mortgages, they just refer their clients to big banks. It can be very difficult for self employed and small business owners to finance a home because their taxes do not always show a lot of traditional income. I had a difficult time myself in the past qualifying for a mortgage to purchase my primary home because of self employment.

Dodd Frank is what switched many independent investors from doing traditional in-house seller financing, to doing lease options or other similar RTOs to try to get around some of the regulations. Which in my opinion, if the law was really put into place to protect consumers, LO's & RTO's are a lot worse financial option for consumers looking to purchase homes.

The dumbest thing to me is its fine to charge them RENT for the rest of their lives, they'll never own anything, have very little rights, and you can raise the rent every time the lease is up... but if you want to help them actually BUY a home, they have to be protected. Makes no sense!!

Just my 2 cents... which isn't worth a penny! :-)