Political Quotes

“Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise today in support of H.R. 5953, the Building Up Independent Lives and Dreams, or BUILD, Act, which would cut some of the regulatory red tape and alleviate unnecessary burdens that were created by Dodd-Frank. The Truth in Lending Act, or TILA, as it is referred to, and the Real Estate Settlements Procedures Act, also known as RESPA, required lenders to provide consumers disclosures about the estimated and actual real estate settlement costs and financial terms of the mortgages that they offer. Among other requirements, RESPA required standardized disclosures, such as good faith estimates, of the costs that the borrower should expect to pay at closing, and a list of closing costs commonly known as the HUD-1 document. TILA required lenders to disclose the cost of credit and the repayment terms of mortgage loans before borrowers entered into a transaction. These disclosures were intended to help consumers compare the terms and make informed decisions regarding the suitability of various mortgage products and services that they were looking at purchasing. However, Dodd-Frank mandated that the Bureau of Consumer Financial Protection promulgate ``a single integrated disclosure for mortgage loan transactions . . . to aid the borrower . . .…”