House Panel Approves Bill to Ease Tight Credit Conditions

Filed in Capitol Hill, Codes and Regulations by on May 5, 2017 0 Comments

The House Financial Services Committee on May 4 approved legislation that includes provisions to address challenging credit conditions that home builders and home buyers continue to experience as a result of an overzealous regulatory response to the recent financial crisis.

H.R. 10, the Financial CHOICE Act of 2017, would address regulatory concerns for community banks, which are the most common source of lending for home construction and key providers of home mortgage loans for first-time buyers and consumers in rural communities.

The legislation contains many commonsense reforms supported by NAHB. These include:

  • Prudent modifications to the qualified mortgage rule that will improve credit availability for home buyers and support the business model of community bankers;
  • Congressional approval for major financial regulations before they are implemented;
  • Mandating that all financial regulators conduct a meaningful cost-benefit analysis before issuing rules; and
  • Ending judicial deference to regulatory agency interpretations.

While the future of H.R. 10 remains uncertain, NAHB will continue to actively push for strong regulatory relief at the congressional and federal agency level.

For more information, contact Scott Meyer at 800-368-5242 x8144.

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