Then check out the heroes of Real Estate Dodd-Frank Bill Burden Tracker
Dodd-Frank Burden Tracker"Oversight and Investigations Subcommittee Chairman Randy Neugebauer noted that it will take businesses more time to comply with Dodd-Frank rules than it took to build the Panama Canal.
“It will take over 24 million man hours to comply with Dodd-Frank rules per year. It took only 20 million to build the Panama Canal,” said Rep. Neugebauer. “Banks and credit unions, retirement funds and other financial institutions will be forced to spend a large portion of their budgets trying to comply with Dodd-Frank rules rather than lending to small businesses and American consumers and investing in our economy. While the promised benefits of Dodd-Frank are still illusory, the costs are beginning to become crystal clear.”"
Jump on over for some fascinating Reading Right here.
For all of you real estate related professionals out there, make sure you know all about:
Regulation Z--Escrow Requirements (Docket No. R-1406) 7100–AD65
It's estimated that only 109,248 annual hours will be needed for compliance.
I would go over all of this fascinating stuff in more detail but unfortunately, I have to get back to supplying even more paperwork to Short Sale Lenders that can't seem to grasp the idea that homeowners that have lost their jobs, relocated across the United States or have family medical emergencies and can't make their mortgage payments. They can't sell their Las Vegas homes and move on in life when their homes are currently valued at half of what their loan amount is unless they (the lender) approves the short sale.
$0 in Income minus a $2,200 Monthly Mortgage Payment = Negative $2,200 a month right there. I know, I know... it's really complicated to understand. Good thing I took all of those Accounting and Finance classes in College to help explain to them what a negative cash flow means.
Just wondering how many annual hours are wasted because common sense is not a required regulation.
Paul Francis, REALTOR
Prudential Americana Group
Las Vegas Real Estate
702.592.3058
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