Monday, June 22, 2015

Real Estate Mortgages Expected to Become a Nightmare

As a result of Title XIV of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Consumer Financial Protection Bureau, another agency to complicate matters, issued a number of mortgage-related rules that are not actually voted on by Congress. They will impose far more paperwork and raise the cost of mortgages while the Dodd-Frank portion to actually reform bank trading was vacated. So we now have a new agency to comply with to get a mortgage as of August 1st, 2015 and this should help to cap the real estate rally for the average American sending prices back down.
Government is great at expanding its own powers when it takes payoffs behind the curtan to allow the same conduct that created the problem to begin with. More government jobs and pensions. It never ends.
http://www.consumerfinance.gov/mortgage-rules-at-a-glance/
The Hunt For Money Is Everywhere
“I just bought a house in TN and I had the experience of proving where the money from a Vanguard account transferred into my checking account came from. The lender would not accept the Vanguard or bank account statements. I had to go to the bank and actually get the transmittal numbers and fax that to the lender. The personnel at my bank had never experienced this request before”.
The horror stories are pouring in. It is now evident that the government requires banks to trace every penny you have before getting a mortgage. This has NOTHING to do with terrorism; it is the entire purpose of the NSA grabbing every phone call, text message, and email. They are hunting YOU. The banks act as their agents, tracking what you are doing, and reporting back with the answers
http://armstrongeconomics.com/archives/33542
ND

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