The government is intent on implementing regulations that will most certainly further depress the real estate market and increase home financing costs to the consumer, by over regulating the mortgage industry with regards to loan originator compensation.
It is estimated that the cost to obtain home financing will increase .50 to 1% and will add pressure to already suffering real estate values, which so far has resulted in a loss of our nation’s collective household equity of 60%. That’s $7.9 Trillion dollars of residential equity lost from 2006 to 2009.
On March 7th, the National Association of Independent Housing Professionals filed suit against the Federal Reserve Board, seeking to block its loan officer compensation rule, according to officials familiar with the situation. The civil action was filed in U.S. District Court for the District of Columbia. The National Association of Mortgage Brokers is also announced it will be filing a suit against the Federal Reserve in the coming days.
All Real Estate Industry Professional’s will see their income effected by these over reaching rules.
What can you do?
Get Involved. www.RepealFinreg.com makes it easy for Realtors, Appraisers, Attorney’s, Title and Mortgage Profesional’s and Consumers to send your elected officials and the Federal Reserve, letters of concern, with just a click of your mouse.
Protect your future and your income. Visit www.RepealFinreg.com
Donations are also sought by the National Association of Independent Housing Professionals http://www.naihp.org/ and The National Association of Mortgage Brokers www.NAMB.org
To help fund their respective law suits.