Restoring American Financial Stability

By
Real Estate Broker/Owner with Igoe Realty P.A.

President Obama recently signed the Restoring American Financial Stability Act of 2010 in law. This new law has been crowned the strongest financial and regulatory reform measure since Franklin Roosevelt's response to the Great Depression and is focused squarely on the vital task of restoring responsibility and accountability to the U.S. financial system. Some important housing provisions according to the National Housing Conference include:

Provides $1 billion for emergency mortgage relief for qualified unemployed homeowners with reasonable prospects for reemployment;

Reforms a number of current mortgage related practices and requires lenders to retain 5 percent of the risk related to mortgage loans;

Authorizes a U.S. Department of Housing and Urban Development (HUD) Foreclosure Legal Assistance program;

Requires the U.S. Department of Treasury to conduct a study on reforming the Housing Finance System;

and Extends the Protecting Tenants at Foreclosure Act and more.

Sources: National Housing Conference,

DSNews.com

Comments (3)

Paul Lesieur
203kloanmn - North Oaks, MN

Its a start and I will keep my fingers crossed. Obama is no FDR but I hope he can get the ball rolling to a better America.

Sep 01, 2010 01:13 AM
Carolyn Kolba
Serving Mentor, and all of Lake County, Ohio - Mentor, OH
Keller Williams Realty- Mentor, Ohio

President Obama is to be commended for his hard stand against those who helped cause the recent financial melt-down, and also for his stand for trying to help those affected by it. 

I sincerely hope that he and his party will NOT suffer negative consequences because of the mud the right is slinging at him because he wants "big business, and big finance" to do what is right.

Sep 01, 2010 01:21 AM
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

72 extra weeks of unemployment benefits while many work under table is not right and used to be you went to uneployment office weekly and showed where you had applied and tried.

Sep 01, 2010 01:29 AM