As if the real estate market were not bad enough, Congress has decided to add yet another hurdle to the process, and as they often do in Washington, they are sneaking it under the radar while no one is looking. House Resolution 1728, the Mortgage Lending and Anti-Predatory Lending Act, is intended to address the predatory lending practices of the past several years – you know Washington’s favorite hobby – closing the barn door after the horse has already gotten out. What’s wrong with stopping predatory lending? Perhaps nothing, if that were where our brilliant leaders stopped. Unfortunately, they took it a step further and in the process have all but eliminated an owner’s ability to self-finance the sale of their own property. Seller financing is a vital tool for property owners looking to sell in a tough economic climate such as the one we are presently experiencing.
Interesting isn’t it, the government now all but owns the banking system, and the Congress of the United States decides it’s a good time to eliminate Americans’ ability to self-finance their transactions. Coincidence? I think not. Yet another restriction placed on the citizens of this country and their ability to manage their own lives and finances. Congress does this under the guise of protecting us from the proverbial big bad wolf at the door, but no entity has done more to harm the American citizen or his prospective wealth than the Congress itself. They are the problem, not the solution. Perhaps we should take the advice of a family member who suggested we double their salaries in exchange for their agreeing to go home and pass no more legislation until 2010. It couldn’t possibly be as expensive as allowing them to continue legislating us into oblivion.
The site found here was created to fully explain the problem with this legislation and help put a stop to it. If you’d like to learn more or get involved, I encourage you to check it out.