Residential Real Estate Agent · Cookeville, TN · Member since 2013 · 1k+ posts · 948 votes
An executive order written by the President today will now enforce the provisions of Dodd-Frank on rental properties as well as owner-financed properties. All landlords will have to become licensed and will have to verify the tenant's ability to pay in the same fashion as Dodd-Frank requires for owner-financed sales. See below.
Real Estate Investor · Riverside, CA · Member since 2008 · 164 posts · 30 votes
12y
@Brian L. That's very funny, but what is really funny to me is why would the government require a lender to verify that a borrower can afford the loan? Ummm duh, I can't remember ever making a loan to someone without knowing how I was going to get repaid. Can you?
After all, home sellers and private lenders aren't running the securitization shenanigans that were common before Dodd-Frank. We can always thank the government for solving problems we don't have.
Residential Real Estate Agent · Cookeville, TN · Member since 2013 · 1k+ posts · 948 votes
12y
@Ted Schmidt - I wish the whole DF law were one big April Fools joke. I could say a lot more about our government, but the mods don't want me talking "politics". And I truly do like BP and desire to follow their rules. But i have to bite my tongue (and my typing fingers) a lot.
Real Estate Investor · Riverside, CA · Member since 2008 · 164 posts · 30 votes
12y
I can't sell myself or talk about politics - good lord! what else is there? I think the moderators got it right. Politics and business don't mix well anyway.
Residential Real Estate Agent · Cookeville, TN · Member since 2013 · 1k+ posts · 948 votes
12y
@Ted Schmidt - Exactly. Politics and business don't mix. That's why the politicians should stay out of my business. Sorry mods, hope that's not too much.