(Source: RealtyTimes)

There’s no question about what had Washington buzzing the most last week – and that buzz is likely to continue for months.

It was the unveiling of President Obama’s far-reaching plans to reform the U.S. financial regulatory system – including important changes affecting home mortgages and real estate.

Though the plan is aimed mainly at banks, hedge funds, Wall Street and insurance companies , it also focuses on protecting consumers who take out mortgages, credit cards and other forms of debt.

Obama wants to create a new super-department – called the Consumer Financial Protection Agency – that would have the power to review, regulate and even ban loan products considered too risky for the mass market consumption.

It would be able to oversee first and second mortgages marketed by any source – from banks to mortgage companies, credit unions or brokers.

Read Kenneth R Harney’s full article “Washington Report: U.S. Financial Regulatory System” in the RealtyTimes (June 22, 2009).

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