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What you should know about the Dodd-Frank Act

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Regular Contributor

Re: Dodd-Frank Act

I was hoping for more that just talking points, my dude. 

 

Also, what about the extra affordances D-F brought like a right to a FICO score and tightening up the subprime market (that got us into the 2007 mess in the first place)?

+/- change
since 3/15/18
as of 4/8/18
FICO 8712 (+11)679 (+12)700 (+25)
FICO 9684670686
FAKO VS3680 (+13)unk687 (+17)


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$4,000

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$4,000

$5,300

$1500

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Goal: 720x3
Message 81 of 85
Regular Contributor

Re: Dodd-Frank Act

It’s good to see DF reformed. It did much more harm than good. 

Message 82 of 85
Moderator

Re: Dodd-Frank Act

As a friendly reminder, political statements are not allowed in ANY forum of myFico including here in the Dodd Frank Forum so please keep this in mind when you are commenting. Posts have been removed from this thread and some have been edited for content.


"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne
Message 83 of 85
Member

Re: Dodd-Frank Act

I am usually appreciative of consumer based laws vs those that help the banks.


Starting Score: 768
Current Score: 780
Goal Score: 815


Message 84 of 85
Member

Re: Dodd-Frank Act

Thank you Mako50 for your information on the Dodd-Frank Act.  When my husband and I finished building our house, we went to finalize the building loan and get a Mortgage.  The loan officer at our bank told me that we had to have a month to month balance in our checking account of $2000-3000.  I had gone to another bank and talked to their Loan Office about this requirement and was told if our bank did not want to give us a mortgage loan that he would be glad to do it for us.  I went back to our bank and told the Loan Officer if we could not get a mortgage with him, we had a bank who was willing to write a mortgage for us.  We got the mortgage with our bank.  I wonder if something like this might be a violation of the Dodd-Frank Act now.  I knew things seem to be better now for mortgages than they used to be, but I did not know why until reading the information on the Dodd-Frank Act and the information you have provided.  Again, I thank you!

Message 85 of 85