I received an email today about some more sweeping changes in government regaultion....
Here is a quote from the newsletter that I received, "H.R. 1728: Mortgage Reform and Anti-Predatory Lending Act. We encourage our students to learn more about this bill through a Google search of "H.R. 1728" and take action by writing their Senators if so inclined.
Lorenzo Spencer, one of our preeminent instructor/investors and instructor of the Mastery Training Program Transaction Engineering Bootcamp, had this to say in regarding this bill and our investing students: "Everyone should write their Senators about this bill. Encourage them to vote NO. While the attempt to regulate formal lenders is needed, extending that to owner financing is a big mistake." 
To the best of our knowledge, as of May 12, 2009, this bill had passed in the House, been received in the Senate, and been referred to the Committee on Banking, Housing and Urban Affairs for further scrutiny prior to their vote."
As a real estate investor myself and Franchise Sales for EXIT Realty Nevada, I am concerned that this will have a detrimental effect on an already depressed real estate market. Now we have government placing undue burden on "owner financing"? I also wonder what else is being slipped under the door here.
The "Cap and Tax" bill that the house approved last week was 1200 pages long....and 300 of them were slipped in only hours before the vote. I don't care what side of the argument you are on, that kind of action is "smelly".
Best Regards,
David Costa, Regional Director, EXIT Realty Nevada
I readily admit that I am no expert in this subject matter. Perhaps someone more qualified could comment.
Comments(0)