In response to the Federal Reserve Board’s rules to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act’s “ability to repay” standards, the Real Estate Services Providers Council Inc. (RESPRO) submitted comments to the Fed warning the agency that its rules will harm affiliated business arrangements (AfBAs).
“Unless federal regulators act now, the Dodd-Frank Wall Street Reform Act will increase mortgage credit costs by causing affiliated businesses to withdraw from title and mortgage markets in many low-income and low-middle income marketplaces,” said RESPRO Executive Director Sue Johnson, who submitted the comment letter on July 22 on behalf of the organization.
Gee, isn't that a form of redlining?
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