theMReport.com Your trusted source for mortgage banking news
The second in a series of three full Committee hearings examining the impact of the Dodd-Frank Act on American prosperity, freedom, and financial stability five years after the controversial law was enacted took place in the House Financial Services Committee on Tuesday.
A recurring theme at the hearing was that Dodd-Frank represented overregulation which has stifled economic recovery rather than accelerated it as was intended. A chart compared recovery from the financial crisis of 2008 with that of previous crises and noted that from 2009 until the passage of Dodd-Frank in July 2010, economic recovery was on the same pace as previous recoveries. Recovery began to slow down when Dodd-Frank was signed into law. It was also noted that Dodd-Frank gave regulators too much power.
The homeownership rate in the second quarter declined to 63.4 percent, a decrease of 1.3 percentage points than the second quarter 2014 rate of 64.7 percent and 0.4 percentage points lower than the 63.7 percent rate last quarter. According to a report released Tuesday by the Department of Commerce's Census Bureau, this quarter's homeownership rate is the lowest since 1990 when the rate was 63.7 in the second quarter.
