Monday, August 2, 2010

Frank-Dodd Wall Street and Consumer Protection Act - 10 Page Summary

The House Financial Services Committee posted the text of the overhaul agreed by the House-Senate Conference Committee late last week:
  • Now called the Dodd-Frank Wall Street Reform and Consumer Protection Act, the bill is both long (2,193 pages), and being pushed for a vote in the House before the 4th of July.
(Hip, hip, hurrah for the 4th!)  (Question: could you do this in a week - digest 2,193 pages, then think about it, complete the proper due diligence and investigation, and then vote on it - in one week?  Bonus question: could you do this after that week - tell your constituents that your really understood those 2,193 pages?) (Looking for those cliff notes . . . ?)
  • So, to assist everyone (maybe even a few Senators and Representatives - or at least those with a busy extra-curricular schedule), the House Financial Services Committee also posted a 10 page summary [PDF] of the 2,193 pages..
I really don't like summaries that are prepared by the committee that wrote the bill as they, as politicians often do, spin it to their advantage. 

The summary is NOT a critical view of the legislation.

For you, I am reading the 2,193 page document with particular interest on how it impacts the mortgage process.  I already see some things that impact how appraisals are conducted and to give you the preview I think it missed the mark....Stay tuned for my more critical summary.

Provided by Donna Antonucci
Prudential Castle Point Realty


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