I watched this morning as "The Obama" signed FinReg 2010 today. I still have little understanding on how this is going to be implemented or what the impact really will be, but this guy has some great insights. One thing is for sure mortgage lending will continue to be an industry in the middle of a sea of change as we try to apply these new rules and business practices going forward and interact with a brand new agency to protect the consumer. I'm sure this will be a seamless integration of government entities, not.
The bad news for consumers is this will no doubt increase the costs of borrowing. Is that bad? Well to me it means less people will qualify for loans, which means less competition for homes, which equals lower home values, which will increase interest rates, which will further slow the pace of borrowing.
Future looks bright!
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