SOMEBODY IN WASHINGTON CARES ENOUGH TO RESPOND TO MY LETTERS REGARDING THE HARM THAT SECTION 1431 OF THE DODD-FRANK ACT WILL DO OUR ABILITY TO GET PRIVATE MONEY FINANCING. PEOPLE BUY HOMES WITH PRIVATE MONEY FUNDING -BECAUSE IT IS THE ONLY WAY TO GET FINANCING FOR THESE HOMES THAT DESPERATELY NEED MAJOR REHAB OR ARE TOO CHEAP TO BE ELIGIBLE FOR CONVENTIONAL FINANCING. HERE ARE HIS COMMENTS. CORINNE CORDON @HARDMONEYTALK HOST OF HARD MONEY TALK SHOW ON 970 KNUU BUSINESS TALK RADIO, LAS VEGAS, NV March 29, 2011 Dear Corinne, Thank you for contacting me to express your concerns with Section 1431 of the Dodd-Frank Wall Street and Consumer Protection Act regarding high-cost mortgages. I share your concerns and appreciate hearing from you on this important issue. As you know, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2011 was signed into law on July 21, 2010 (P.L. 111-203), before I was in Congress. This sweeping financial regulatory reform bill was aimed at increasing consumer protection and transparency in our financial industry. Included in this legislation were provisions placing limitations on the terms of mortgages, as well as restrictions on residential mortgage loans. Like you, I have serious concerns with this legislation that will ultimately harm consumers through increased fees and fewer services and benefits. This legislation could also create an unfair burden on smaller financial institutions, l ike yours, and place them at a competitive disadvantage. Several hearings have been held by the House Financial Services Committee regarding the Dodd-Frank Act and its effects. While no legislation to repeal this bill has been considered by the full House of Representatives, please be assured that I will continue to monitor this issue and will work with my colleagues to ensure that we have a transparent financial system that does not place undue burdens on both the institutions and the consumers. For additional information, please visit my website, http://www.heck. access statements about current events or pending legislation, and receive detailed information about the many services that I am privileged to provide for Nevadans. Again, I appreciate your thoughts and it is an honor to serve you in Congress. Your suggestions are always welcome, and if ever I may be of assistance, please do not hesitate to contact me. |
| Sincerely, DR. JOE HECK Member of Congress |
