The Need for Regulatory Reform Hearings Before the Subcommittee On National Ec
The Need for Regulatory Reform Hearings Before the Subcommittee On National Ec
Natural Resources United States Congress House Committee On Gover
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These are now subject to RESNA and the disclosures that RESNA requires. Additional regulation is redundant. Also, this act — standard business practices, such as balloon mort- gages, which will be severely limited by the act. These have been used in many contracts for many years. They are commonly used by bridge loans or short term notes to renovate a financial prop- erty, such as stopping a foreclosure, or moving equity from one property to another for repurchase. The prohibition of balloon mo...rtgages hinders consumers who need a short term remedy to accommodate their immediate finan- cial need. Furthermore, this act is ambiguous. There are numerous ambiguities in the proposed regulations. These demonstrate a lack of understanding of the business practices of the mortgage finance industry and a ftirther reason for repeal of the program. I would like to tell you also that our association supports the fol- lowing bills currently before Congress. The first one is House bill 1362 from Congressman Bereuter of Nebraska.
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