CRS Report with Details on Dodd Frank Financial Reform Rulemaking Requirements and Authorities.

Report is HERE. From page 8:

CRS searches of the Dodd-Frank Act identified a total of 330 provisions that expressly indicated in the text that rulemaking is required or permitted. For a variety of reasons, however, the number of final rules that will be ultimately issued pursuant to the act is unknowable. First of all, 182 of the 330 rulemaking provisions (55.2%) appear to be discretionary in nature, stating that certain agencies “may” issue rules to implement particular provisions, or that the agencies shall issuesuch rules as they “determine are necessary and appropriate.” Therefore, the agencies may decide to promulgate rules regarding all, some, or none of these provisions.

Originally created and posted on the Oregon Housing Blog.

Title 14 Mortgage Reform and Anti Predatory Lending Act Provisons Extracted from Financial Services Reform Bill on Way to President for Signature.

While there are other mortgage lending provisions scattered throughout the Financial Services Reform bill that is now on the way to the President for signature, I have extracted the provisions in Title XIV (14) of the bill into a single PDF file HERE. 

There is a LOT to digest and a lot of moving parts [it is 78 pages long], but you will want to file this away as a reference for the future, I think. 

Statement from Senator Merkley on some of these provisions that he help champion:

“..I’m pleased that the bill includes provisions I championed to end some of the most egregious mortgage practices that led to the housing crisis and cost millions of families their homes.  The bill will ban steering payments, liar loans, and prepayment penalties and give Americans the transparency they deserve when purchasing their own home.   It will also create a Consumer Financial Protection Bureau dedicated to protecting consumers from financial tricks and traps, such as unfair overdraft fees and exploding interest rates.

Originally created and posted on the Oregon Housing Blog.

Financial Reform Bill Conference Bill Has $1 Billion for HUD Program for Unemployed Homeowner Relief, Updating 1975 Program; $1 Billion for NSP Also?

Talk about going back to future.... 

House Financial Services Conference Committee bill passed in the wee hours of the morning apparently (CNN Money) has $1 billion in TARP funding to help unemployed borrowers. Funding would be use in conjunction with revised provisions of section 107 of the Emergency Housing Act of 1975 (12 U.S.C. 2706),  [Pennsylvania HEMAP program is cited most often as model for this program].

Original House proposal had been for $3 Billion for this fund. 

NOTE: It appears to me that Committee ALSO approved $1 billion for NSP, but I have yet to see that reflected in news stories.

More to follow I am sure as full House and Senate votes occur next week.

Originally created and posted on the Oregon Housing Blog.