The big financial reform bill is near passage as the House and Senate reconciliation conference announced agreement. The bigger issued that were worked out were on derivatives, bank regulations, and consumer protection.

UPDATE 6/29 - the provision to tax big banks was cited as a problem for passage. A new agreement was reached to remove the bank tax which was expected to bring in $19 billion in revenue. A partial replacement tax might be an increase in FDIC premiums. This would rais $3 billions, and share the cost with the smaller banks.

The consumer protection provisions contain most the mortgage related legislation, including some changes to HVCC and appraiser independence, risk retention, predatory lending.

Here is a Reuter's article with a cursory summary of major provisions.

Here is a summary of the Common Sense Mortgage Lending Reform and Consumer Protection summary from Speaker Pelosi.

There is a lot to review in this bill. A lot that addresses the consumer and the mortgage and housing market.

I will be eagerly looking at news and commentary over the weekend and next week.

FHA, VA, Rural Development, Conventional, Jumbo,
Reverse Mortgages, FHA 203k Renovation

Home financing in Tennessee and Georgia.

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