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The impact of Dodd-Frank's home mortgage reforms : consumer and market perspectives : hearing before the Subcommittee on Financial Institutions and Consumer Credit of the Committee on Financial Services, U.S. House of Representatives, One Hundred Twelfth Congress, second session, July 11, 2012.
The impact of Dodd-Frank's home mortgage reforms : consumer and market perspectives : hearing before the Subcommittee on Financial Institutions and Consumer Credit of the Committee on Financial Services, U.S. House of Representatives, One Hundred Twelfth Congress, second session, July 11, 2012.
The Dodd-Frank Act is intended to reform residential mortgage lending and securitization practices that contributed to the recent financial crisis. The Act provides some liability protection for lenders originating mortgages that meet nine specified criteria associated with a borrower¿s ability to repay (¿qualified mortgages¿). The act also requires securitizers of mortgages not meeting separate criteria associated with lower default risk to retain at least 5% of the credit risk. This report discusses the potential impact of the act¿s: (1) qualified mortgage criteria; (2) credit risk retention requirement; and (3) provisions concerning homeownership counseling and regulation of high-cost loans. Charts and tables. This is a print on demand report.
Mortgage Reform: Potential Impacts of Provisions in the Dodd-Frank Act on Homebuyers and the Mortgage Market
"Dodd-Frank Wall Street Reformand Consumer Protection Act (Dodd-Frank Act) is intended, among otherthings, to reform residential mortgagelending and securitization practicesthat contributed to the recent financialcrisis. The act provides some liabilityprotection for lenders originatingmortgages that meet nine specifiedcriteria, as applicable, associated witha borrower's ability to repay ("qualifiedmortgages"). The act also requiressecuritizers of mortgages not meetingseparate criteria associated with lowerdefault risk to retain at least 5 percentof the credit risk, though federalrulemaking agencies may vary thisamount. The act directed GAO toassess the effect of mortgage-relatedprovisions on the availability andaffordability of mortgage credit and toissue a report by July 2011, but federalagencies are still developingimplementing regulations. This reportdiscusses the potential impact of theact's (1) qualified mortgage criteria,(2) credit risk retention requirement,and (3) provisions concerninghomeownership counseling andregulation of high-cost loans.To do this work, GAO analyzed aproprietary database of residentialmortgages, reviewed relevant housingand mortgage market research, andinterviewed key mortgage industrystakeholders.GAO provided a draft of this report toeight agencies. In a letter, the NationalCredit Union Administration said, asnoted in the report, that the act's..."
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 was a legislative attempt to mitigate potential future financial losses as a, response to the financial crisis of 2008. This study focuses specifically on the impact of the creation of the Consumer Financial Protection Bureau and the Mortgage Reform and Anti-Predatory Act, which are found in Title X and Title XIV in the Act. Secondary data is used to analyze whether the Consumer Financial Protection Bureau mitigates unfair and deceptive lending practices. A review is also conducted as to how the Mortgage Reform and Anti-Predatory Act influences the financial industry. The implications of the Dodd-Frank Act for the current consumer are also discussed. The Dodd-Frank Act is massive in scope, and with significant developments still pending, future analysis will be critical to determine the impact on fraud mitigation. Keywords: Economic Crime Management, Dr. Bruce McBride, Dodd-Frank Act, subprime mortgages, Consumer Financial Protection Bureau, Mortgage Reform and Anti-Predatory Act
Many, if not most, accounts of the financial crisis of 2008 include a prominent role for the U.S. residential mortgage market. While other U.S. property markets, such as commercial and retail, exhibited similar boom and bust patterns, the elevated level of defaults and associated costs borne by the taxpayer have brought a particular emphasis on American single-family mortgage finance policies. It should be of little surprise that the Dodd-Frank Act contains multiple provisions related to mortgage finance. This paper offers a review of those provisions, followed by an evaluation of their likely impact and effectiveness.
Successful home ownership requires the availability of appropriate mortgage products. In the years leading up to the collapse of the housing market, home buyers frequently accepted mortgages that were not only wrong for them but catastrophic for the economy as a whole. When the housing market bubble burst, so did a cornerstone of the American dream for many families. Restoring the promise of this dream requires an unflinching inspection of lending institutions and the right tools to repair the structures that support solid home purchases. The American Mortgage System: Crisis and Reform focuses on the causes of the housing market collapse and proposes solutions to prevent another rash of foreclosures. Edited by two leaders in the field of real estate and finance, Susan M. Wachter and Marvin M. Smith, The American Mortgage System examines key elements of the mortgage meltdown. The volume's contributors address the influence of the Community Reinvestment Act, which is often blamed for the crisis. They uncover how the government-sponsored enterprises Fannie Mae and Freddie Mac invested outside the housing market with disastrous results. They present surprising information about low-income borrowers and the strengths of local banks. This collection of thoughtful studies includes extensive analysis of loan practices and the creation of unstable mortgage securities, presenting data largely unavailable until now. More than a critique, The American Mortgage System offers solutions to the problems facing the future of American home ownership, including identifying asset price bubbles, calculating risk, and preventing discrimination in lending. Measured yet timely and by turns provocative, The American Mortgage System provides a careful assessment of a troubled but indispensable part of the economic and social structure of the United States. This book is a sound investment for economists, urban planners, and all who shape public policy.