On the recordOctober 7, 2015
Mr. Speaker, on October 3, the Consumer Financial Protection Bureau implemented a new rule to streamline disclosure requirements during the home buying process. Helping consumers better understand their mortgage terms is a worthy goal. No one is arguing that. However, this rule makes considerable changes to the forms used by consumers when applying for a loan, and anyone with sense can see that will lead to unforeseen issues. That means American home buyers will have less flexibility to buy and close on a home on their terms in the coming months. Fortunately, this week the House will consider the Homebuyers Assistance Act, which creates a temporary safe harbor from enforcement of this new rule as long as a good faith effort was made to comply. The legislation will give the CFPB the necessary time to address implementation hurdles with stakeholders. It is the right move for America's housing recovery. ____________________
