Thoughts on the New Financial Choice Act and It's Impact?
With the new passing of a bill called the Financial Choice Act, which scales back or eliminates many of the post-crisis banking rules under Dodd Frank, I wanted to know what other BP members thought about this topic, and how they feel this will impact real estate as a whole, and specifically in their markets.
Many argue the Choice Act would leave the U.S. economy vulnerable to another financial crisis, and I don't think they are wrong. Loosing guidelines with lending laws is what got us into trouble back in 2008-2009, and yet it appears we could be headed there again.
Being a CA real estate Broker and looking at investing OOS for long term buy/hold properties (Small multi-family communities up to 15 units and/or possibly SFRs) for positive cash flow, I don't feel certain markets where I'm looking to invest (Ohio, Indiana, Oklahoma, Utah, Tennessee) will be as impacted when the SHIFT and DOWNSWING hits, as it will in BOOM/BUST states like CA, NV, AZ and FL.
Thoughts?
Here is the an article on this topic: http://www.npr.org/2017/06/08/532036374/house-passes-bill-aimed-at-reversing-dodd-frank-financial-regulations