Dodd-Frank Overhaul Passes House; Rates Continue Higher; Homeownership Hurdles; Equity Gains

While the attention of much of the country was focused elsewhere on Thursday, the House of Representatives passed the H.R. 10, the Financial Choice Act, along straight party lines. The Act, sponsored by Financial Services Committee Chair Jeb Hensarling (R-TX) is a sweeping overhaul of the Dodd-Frank Wall Street Reform and Consumer Protection Act, passed in the wake of the 2008 financial and housing meltdown. The vote on the bill was 233-186. It now heads to the Senate where Republicans have a much narrower majority than in the House and it is given little chance to pass in its present form. In an interview following the vote, Hensarling told reporters, "Hopefully, the nightmare of Dodd-Frank will be gone soon. Of all the regulations that were imposed on our economy in the Obama era, Dodd-Frank

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http://www.mortgagenewsdaily.com/reports/newsletter/2017/6/9/2834