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.
HOST OF HARD MONEY TALK SHOW ON
970 KNUU BUSINESS TALK RADIO, LAS VEGAS, NV
March 29, 2011
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,
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.
DR. JOE HECK
Member of Congress