The “Destroy the American Dream” Act – IOTW Report

The “Destroy the American Dream” Act

It was suppose to reform Wall street and get the real estate marking working again, The Dodd-Frank Act has had the opposite effect.

Dodd Frank effect

Far fewer people can qualify for a loan now, and the hedge funds have taken advantage of low interest rates and a troubled housing market to rake in $1 trillion in profits.

More

12 Comments on The “Destroy the American Dream” Act

  1. There are NO “unintended consequences” in politics. The idea, the ONLY idea, is to move money from those who work to those who donate and those who are in office.

    Nothing more, nothing less.

  2. And I know something of how this “law” reduces the number of home loans to qualified buyers. A friend was trying to get a loan. She proved that she had great credit and was easily worthy of the loan. No go.

    But I’ll bet that an illegal meh-hee-kan family got her loan with no problem.

  3. I’ll be the first to admit I’m not so familiar with the ins and outs of DoddFrank. All I know is that the Community Reinvestment Act of Carter/Clinton FORCED banks to give loans to countless irresponsible people who demonstrably could never pay them back.

    So, I have a “BOO FRIGGIN HOO” moment when the linked Breitbart article decrys how fewer people are getting these loans.

    But don’t get me wrong: the above posters are likely right that only top-scum benefits from this bill, considering Dodd and Frank.

    As far as real estate goes, I think the greatest threat at the moment is Obama’s push to “integrate” every damned neighborhood/zipcode with filth in the name of “equality/diversity”…all it actually does is DESTROY THE CONCEPT AND VALUE OF PRIVATE PROPERTY by making “where” one lives immaterial…wherever you go…there’s filth equally spread around.

  4. And if the conservatives try to repeal it they’ll be tarred as wanting to screw the little guy for their wall street cronies…and the leftists retards will gobble it up hook, line, and sinker.

    Meanwhile the liberal politicians that saddled us with this will ride off to the Hamptons in their mercedes, laughing all the way about how they duped their minions.

  5. It wasn’t even sold. The Democrats had large majorities in both the House and Senate and just forced it through. The CFPB is a major fiasco and just an excuse for some people to make a lot of money of the government dole.

  6. Trying to buy a house, the perfect house for the family. The family being my daughter, son in-law, their 4 kids with one on the way, and myself. I live in home that is paid for and is soon to be on the market. I have 25% down for the new house. Very good credit score, but I don’t have a job, because I’m semi retired at 59 years old. (8/28 last day) Have a co-buyer son in-law (lawyer) making over the amount required. His credit score suffers the effect of his student loan.

    It is looking like we will have to wait a year and I can pay the $230k cash for the house. I don’t think this “perfect house” will remain on the market.

    I’m a bit sick of dealing with bank employee douches that do not have the moral courage to tell me personally why I can’t have the loan. Instead I’ve gotten form letters from lender HQ with reasons like: Haven’t been getting retirement payments long enough for lender to recognize my income / didn’t have the proper documents submitted on time / co-buyer not being a blood related / just won’t provide a loan at this time. All the letters have a paragraph about how they would be willing to work with me in the future …

    I guess I best try and identify as as a _______ (fill in the blank)?

    Bastige of a law this Doddering – Fagg

  7. I’m in the business and if your LO won’t tell you straight up then that speaks to your LO’s lack of customer service.

    That being said Frank/Dodd (both of whom got special deals on their primary residences that if I did that for some Joe Shmoe we’d both in in Federal Prison but I digress) is an unmitigated nightmare. The consumer is left paying more in rate and cost (when I got into the business a refi in Co would bank & title had a cost of $1,600. Today $2,700).

    I could give you the details of how the consumer is getting screwed by Frank/Dodd but it would be a long a tedious e-mail. A Trump type person should spend some $ on a professional 5 min clip and put it on YouTube and that may cause a national riot.

    I will say this- the paper work on the lender’s side has gone up 8 fold. My team (who are effected more by the paper work than I am) had the chance to vote for Mitt who said he would repeal Frank/Dodd and they went with the Cool-aid drinking rout. Just last week my team lead actually complained about an aspect of Frank/Dodd and I polity pointed out she had the chance to vote to repeal it but she did not and that she should remember that come 2016.

    Oh, and by the way, only about 1/3 of Frank/Dodd has been implemented. There are more surprises (the strangle hold is only going to get tighter) yet to come.

Comments are closed.