CFPB and Frank Dodd costs consumers more to get a home loan

The new CFPB (Consumer Financial Protection Bureau) is destroying the mortgage industry because of the bad Frank / Dodd Financial Reform laws.

This continued government overstepping will again cost the consumer MORE, not less to get ahome loan.

Sign the NO petition at

Comment: “I am an industry professional. The comp rule in Dodd-Frank iis forcing me to overcharge borrowers of higher loan amounts. I also can no longer offer discounts for borrowers who refinance multiple properties with me at a time. Who is helped by this?”

Comment: As a mortgage lender, I have basically stopped doing loans under $100k. The reason, I do not make enough money to justify the time. I am not alone. Fact is this is harming low-end homebuyers. It is FAR too overreaching.

Comment: Frank Dodd, despite all its good intentions, has made it more difficult to obtain a mortgage and more difficult to understand closing costs. It needs to go if we’re looking for housing recovery in earnest.

Comment: I feel strongly that our Congressional Representatives and Senators need to be made aware of the serious adverse effects of Dodd-Frank Act. Dodd-Frank not only harms the financial industry as a whole but more importantly it harms the very group it claims to help, the consumer. I agree that an independent evaluation should be conducted and due diligence should be done before any additional initiatives of the Dodd-Frank Act are implemented. If this is done objectively, our leaders will see that the only true solution is to eliminate Dodd-Frank all together.

A petition to Bolster the Housing Market by Reforming Regulations Concerning Short Sales

Bolster Homeownership and the Housing Market by Reforming Regulations Concerning Short Sales

• Have the FHFA change Fannie and Freddie’s guidelines regarding how long a consumer waits to be eligible for a new mortgage after a short sale to no waiting period if there were no late mortgage payments prior to the short sale and 1 year if there were.

• Have HUD amend FHA’s requirement to wait 3 years after a short sale where the consumer had late payments in the 12 months preceding the short sale. It should be amended to a 1 year.

• Have HUD clarify their guidelines regarding buying a short sale where the consumer didn’t have late mortgage payments prior to the short sale.

• Have the FHFA, pressure PMI companies to waive their right to deficiency judgment in the event of a short sale.

• Impose a 5 year moratorium on deficiency judgments on first mortgages.


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