PROPOSED GOP BUDGET TO END GSE'S & DODD-FRANK

By
Mortgage and Lending with Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 NMLS # 6869

“Proposed GOP Budget to End GSE’s & Dodd-Frank”

 

I don’t care what side of the isle you are on, or an Independent and if you are in business, the proposal is good news. It is a beginning to taking away the mountain pile of regulations that are in the way of all of us doing more business. The proposal may be the beginning of the end for Dodd-Frank, as we know it.

 Proposed GOP Budget to end GSE's & Dodd-Frank

I started reading through the proposal, but based on the administration’s proposed budget, that was loaded with billions of more red ink, this is a welcome change from the business as usual that has been going on over the last three years.

 

GOP Budget Calls for End to GSEs, Dodd-Frank

By: Ryan Schuette

The House Budget Committee unveiled a budget plan for the next fiscal year that proposes raising guarantee fees for the GSEs and dismantling the Dodd-Frank Act.

 

http://www.themreport.com/articles/gop-budget-calls-for-end-to-gses-dodd-frank-2012-03-20

Committee chair Rep. Paul Ryan (R-Wisconsin) billed the so-called Path to Prosperity as a measure that will slash $6.2 trillion in government expenditures over the next decade and draw down the deficit by more than $4.4 trillion in contrast with President Barack Obama’s budget.

Fannie Mae and Freddie Mac came into play for the committee, which criticized years of reliance on the “duopoly” and called for their gradual dissolution without offering many specifics.

House Republicans proposed raising guarantee fees, downsizing portfolios for the GSEs, and eventually leaving housing finance to only the Federal Housing Administration.

The Dodd-Frank Act likewise drew attention in the proposal, with committee members denouncing it for a role that purportedly “expands and centralizes power in Washington.”

As one example, the proposal cited a Congressional Budget Office estimate that said an expanded role for the FDIC, as provided for by Dodd-Frank, would lead to additional expenses for taxpayers in the way of $26 billion for the creditors of systemically important institutions, should their finances go awry.

“This budget would end the regime now enshrined into law that paves the way for future bailouts,” it said.

The proposal also said that debt in America could exacerbate any windfall from Treasury yields, against which lenders benchmark interest rates for mortgage loans. Mortgage rates have remained at or near record lows for the past several months as investors overseas juggle with a debt in crisis in Europe.

Estimates in the proposal held that an increase by as much as 1 percentage point could drive up interest rates for households by some $400 over the next year. Projections said that resulting interest costs could “easily exceed” $1,000 per year, inviting economic ruin as consumers withhold at the registers.

Joining other Republican lawmakers at a conference Tuesday, Paul pledged to work with the reconciliation process in Congress and “bring reconciliation back to what it was meant to do, which is bring deficits and spending under control.”

The congressman – a vocal critic of the Obama administration and rising leader in the Republican Party – leveled accusations that the president’s policies will lead the country to a “path of decline.”

White House spokesperson Dan Pfeiffer responded in kind by calling the economic plan one that “draws on the same wrong-headed theory that led to the worst recession of our lifetimes and contributed to the erosion of middle-class security over the last decade.”

image 1 markuso/freedigitalphotos.net

 

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

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Rainer
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Mike Morrison
Will & Will Real Estate Brokers, The Woodlands, Texas - Houston, TX

Watch it Joe, you are earning a bus ticket to the re-education camp. Why how could we ever end rabbit-holes like Fannie & freddie? No sir...you are not allowed thoughts like this. Didn't you know that Government Knows Best? 

Mar 22, 2012 09:56 AM #1
Rainmaker
1,433,997
Charles Stallions
Charles Stallions Real Estate Services - Pensacola, FL
800-309-3414 - Pensacola, Pace or Gulf Breeze, Fl.

This will never pass till the snow the entittlement people into believing as the left does that everything is free and no one has to pay for anything.

They need to figure out what they need to cut get a percentage and cut across the board, everyone suffers and everyone feels the pain.

I have 8 departments when we budget everyone cuts or get the same amount if someone has left overs the department head gets a bonus and the rest is put back into the budget for next year and everyone gets an increase. Accountability, everyone spends when they are not held acountable. What do I do with the heads that go over budget I replace them with their assistants. 10 years ago I fired 5 and average one a year till two years ago and have not fired anyone in two years. Ask me about my household budget sometime?

Mar 22, 2012 11:08 AM #2
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages Connecticut - Middletown, CT
Your Connecticut Mortgage Expert

Joe it is not nice to toy with my hopes that way.  you know who I am going to blame if this does not happen :) :) :)

Mar 22, 2012 03:36 PM #3
Rainmaker
839,552
Joshua Zargari
MJ Decorators Workshop LI staging and home decorating - Lynbrook, NY
MJ Decorators Workshop

Good evening Joe.

Mar 22, 2012 05:51 PM #4
Rainmaker
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Lou Ludwig
Ludwig & Associates - Boca Raton, FL
CRB, CRS, CIPS, GRI, SRES, TRC, e-PRO

Joe

Paul Ryan's is a step in the right direction.

Good luck and success.

Lou Ludwig

Mar 22, 2012 06:13 PM #5
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