NAR Cheers Dodd-Frank Reform
The National Association of Realtors has announced its support for a Dodd-Frank reform bill, S. 2155 or the Economic Growth, Regulatory Relief and Consumer Protection Act, and urges Congress to pass it into law. Although the final vote was originally expected in March, it was pushed back in the Senate in order to consider the amendments.
“The Economic Growth, Regulatory Relief, and Consumer Protection Act contains some favorable provisions for the housing industry, including expanding Fannie Mae and Freddie Mac’s use of alternative credit scoring models; holding Property Assessed Clean Energy, or PACE, loans more accountable; and improving access to manufactured housing, as well as easing credit through reduced regulatory burdens on smaller community banks and credit unions,” NAR President Elizabeth Mendenhall said.
Mendenhall says that the NAR supports the bill because it will achieve the goal of balancing financial regulations with appropriate consumer protections. The bill, which was sponsored by Banking Committee Chairman Mike Crapo, R-Idaho, has nearly 20 Republican and Democratic co-sponsors. It is expected to pass in the Senate thanks to its bipartisan nature.
Other members of the housing industry have also voiced their support for the bill, including the Mortgage Bankers Association, the National Association of Home Builders and the Independent Community Bankers of America.
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