Member
EastLaw
Posts: 12
Registered: ‎05-16-2007
Re: What you should know about the Dodd-Frank Act

Given the political climate in an election year and the hassle to get 60 votes in the senate to pass everything, this has led to the watering down of this bill. However, it is a giant leap in terms of improvement with key benefits that will protect tax payers, consumers, small businesses and the public in the future. 

 

ANOTHER important fact I would like to add:

 

This Dodd-Frank Legislation Extends Protecting Tenants at Foreclosure Act

 

Renters who find themselves indirect victims of foreclosure were not forgotten in the financial reform legislation signed by the President on Wednesday July 24.

The Dodd-Frank bill will extend the Protecting Tenants at Foreclosure Act (PTFA) through the end of 2014. PFTA provides renters whose landlords have lost their properties to foreclosure the right to stay in the home for 90 days after the foreclosure or through the term of their lease.

 

The legislation also includes a provision that requires the HUD secretary to develop a program to refinance troubled multifamily mortgages.

 

According to the  National Low Income Housing Coalition (NLIHC) a growing number of multifamily buildings are facing foreclosure, the combined result of inflated mortgage costs and financially strapped renter households.

 

As a owner of multifamily property, I have seen the horror first hand with friends who have to walk away left tenants and the banks standing. Therefore, addressing the growing multifamily foreclosure rate shows a keen understanding that it is not just homeowners who are losing their homes to foreclosure.

 

 

 

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Remember The GOLDEN Rule:  It is NOT about where you live, It’s about how you live. Be sure to do unto others as you would have them do unto you. Behave toward others as you would like to have them behave toward you! JAH Guide!
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