The association’s chairman said they support regulations to protect American consumers, but the act is too onerous for both home builders and borrowers
The National Association of Home Builders has come out in support of President Donald Trump’s intention to roll back the Dodd-Frank Act.
“NAHB commends President Trump on his announcement to reform regulations in the Dodd-Frank Act that have hampered our nation’s housing recovery and slowed economic growth,” said NAHB Chairman Granger MacDonald.
“We support common-sense regulations to protect American consumers and preserve our nation’s banking system.
However, the tight lending conditions created by Dodd-Frank are preventing too many home builders from receiving loans and restricting mortgage financing to credit-worthy borrowers.”
The president signed a directive calling for the rewriting of major provisions in the act, according to a New York Times report. Another directive he signed is expected to roll back a Labor Department rule that required financial advisors to act in their clients’ best interests. Trump said the directives were intended to ease the regulatory burdens on banks and enable them to lend money more freely.
“Regulatory relief for mortgage lenders and small and mid-sized banks that serve their communities is critical for the nation’s housing recovery,” MacDonald said. “NAHB has been calling for reduced regulatory burden on real estate lending since Dodd-Frank’s passage in 2010.”
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“NAHB commends President Trump on his announcement to reform regulations in the Dodd-Frank Act that have hampered our nation’s housing recovery and slowed economic growth,” said NAHB Chairman Granger MacDonald.
“We support common-sense regulations to protect American consumers and preserve our nation’s banking system.
However, the tight lending conditions created by Dodd-Frank are preventing too many home builders from receiving loans and restricting mortgage financing to credit-worthy borrowers.”
The president signed a directive calling for the rewriting of major provisions in the act, according to a New York Times report. Another directive he signed is expected to roll back a Labor Department rule that required financial advisors to act in their clients’ best interests. Trump said the directives were intended to ease the regulatory burdens on banks and enable them to lend money more freely.
“Regulatory relief for mortgage lenders and small and mid-sized banks that serve their communities is critical for the nation’s housing recovery,” MacDonald said. “NAHB has been calling for reduced regulatory burden on real estate lending since Dodd-Frank’s passage in 2010.”
Related stories:
What will Trump's Dodd-Frank rollback look like
Trump to order Dodd-Frank rollback
