NAR says Dodd-Frank Reform bill would be good for housing

Trade org cheers proposed revisions to Fannie and Freddie credit score models and lending rule clarifications in legislation expected to pass the Senate soon

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The National Association of Realtors on Tuesday sent a letter to the Senate lauding legislation that would adjust credit score models used by Fannie Mae and Freddie Mac, extend regulatory authority over home energy efficiency upgrades and clarify lending rules it considers confusing. With passage in the Senate expected as early as this week, the bipartisan “Economic Growth, Regulatory Relief and Consumer Protection Act” would untangle community banks with less than $10 billion in assets from some federal regulations under the Volcker Rule while freeing them from other capital requirements under the Dodd-Frank Act. But for homeowners, lenders and real estate agents, several other less-scrutinized provisions under Senate Bill 2155, also known as the Dodd-Frank Reform bill, could have a greater impact on the housing market, wrote NAR president Elizabeth Mendenhall in a March 13 letter addressed to the Senate. “On behalf of the 1.3 million members of the National Association...