There Be New Rules A Comin’ - Short Sale Fundamentals
 
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28
Jun

There Be New Rules A Comin’

federal legislationNew financial legislation has passed in both houses of Congress, and it’s really historic, or so I’m told. It took them 20 hours to hammer out the deal, but they got it done. And it’s set to be signed into law by July 4th.

It’s meant to fix a lot of the things that led to the financial crisis in the first place. It’ll protect the average consumer from unnecessary risks and gives the government new ways to keep its eye on things.

Yep, Washington is going to be a lot more involved than it used to be. The new Consumer Financial Protection Bureau is supposed to make sure things like credit cards are run fairly.

And no more of this free selling of mortgages to secondary markets. Companies that do that will have to back up the credit risk.

I won’t get into the rest of nitty gritties but essentially their trying their best to make this the end-all and be-all of financial law. So we’ll all keep our fingers crossed and brace ourselves in case they missed anything.

Let me know what you think about the law and if there’s anything about it you like or don’t like.

  • Ramona Banfield

    Thanks for the message but I can't comment on the new law(s) because I do not understand them or just how they will effect the real estate investment business.

  • Maryomeli

    Well, until I read it thoroughly will I too understand. I think it is all BS politics all the way around so as “too say changes were made” all full of the same stuff…………..
    Lets get down to reality. The whole nation is losing out on their homes………the HAMP HAFTA, bs programs don't work.. It's just a temporary relief…………to “accept” at the end that it is time to move on. I have seen and witnessed TOO MUCH BS! of our government……or is it that I don't get it?????

  • http://www.portlandhomesandmaps.com Bill

    Bottom line- the cozy relationship between Big Government and Big Bankning.. lead to a tranfer of risk FROM Big Business to Taxpayers, with the blessing of Congress. Risk removed.. banks took enormous risks.. and lost. The Bigeest 5 players in the market were exempted from the reserve rules designed to put cap on risks.. but once removed by Congress, and the fact that congress via fnma/fhmlc would ultimately TAKE the risk of default.. and pass it through to the taxpayers.

    Let's say you go to Vegas to gamble. You get to keep any profits you make.. but losses are charged to someone else. Would that affect the way you play the game? Duh.

    The problem – we have allowed far too much power to be concentrated in a massive government that is out of control and unresponsive to conservative, proven policies.

    “Democracy and socialism have nothing in common but one word, equality. But notice the difference: while democracy seeks equality in liberty, socialism seeks equality in restraint and servitude.”
    Alexis de Tocqueville

    What we are witnessing is a “transformation” stemming in part from the idea that this congress is using to undermine the future…that “A democratic government is the only one in which those who vote for a tax can escape the obligation to pay it. ” Today, less than 50% of Americans actually pay a federal income tax. .. but 100% of the people get to vote on who pays taxes. See a problem here?

    Allowing Corruption among our elected officials, in concert with Big money interests, is a sure path to serfdom, tyranny, and civil strife ..sooner, rather than later.

  • Nursemomie11

    November is coming very soon!! That is the reason why we have the “ELECTION”.

  • Hsrealestat

    Basically it will wipe out ownerfinancing, one of the many things in their 2000 page bill. Just like the Health Bill we don't know whats in it till they pass, than look out ………..

  • christopher humbert

    how do i go about buying REOs properties

  • http://profiles.yahoo.com/u/2N3O4O6FU4XV76DVNMU73J2OMM MICHAELY

    I don't think it does away with Owner Financing,but it will do away with Traditional Ower Financing,sounds like a contrdiction in terms don't it,I'll elaborate.
    Traditional Owner Financing: Your selling your Real Estate, you have an Endbuyer, your buyer can't get conventional financing,you tell your buyer that you will take so much down and so much a month.

    The government is saying that they want someone to be held accountable,so they are saying that if you sell your Real Estate on Owner Financing that you'll have to go thur a Real Estate Attourney or Mortage Brokrer to convey the terms of the Note to your Endbuyer.
    This keeps pepole from Owner Financing on Real Estate that they have a mortage on and letting the Real Estate go into Forclosure,I live in Texas and after August of 2010 thats the way Owner Financing will have to be done,it seems that the Government is following suite.



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