Expect Real Estate Mortgages to Become a Nightmare

As a result of Title XIV of The Dodd-Frank Wall Street Reform and Consumer Protection Act, the Consumer Financial Protection Bureau (another agency to complicate matters) issued a number of mortgage related rules that are not actually voted on by Congress. They will impose far more paperwork and raise the cost of mortgages, while the Dodd-Frank portion to actually reform bank trading was vacated. As of August 1, 2015, we now have a new agency to comply with to get a mortgage and this should help to cap the real estate rally for the average American by sending prices back down.

This post was published at Armstrong Economics on June 17, 2015.