Political Quotes

“I rise today to announce the reintroduction of the bipartisan, bicameral Building Up Independent Lives and Dreams Act, more commonly known as the BUILD Act. After the passage of the Dodd-Frank Act in 2010, the Consumer Financial Protection Bureau was tasked with creating a single set of integrated disclosure forms for mortgage loans. This set of forms, created by the TRID rule, was designed to provide a more consumer- friendly approach to traditional mortgage lenders. Its aim was to streamline disclosure requirements in the Truth in Lending Act and the Real Estate Settlements Procedures Act into a single set of forms. The measure works for most traditional mortgage lenders; however, it buried not-for-profit, charitable organizations in mountains of paperwork. The weight of the nearly 2,000-page TRID rule is not only burdensome but confusing--especially for small lenders and housing charities that do not have the funding to hire financial experts. The forms present a variety of unnecessary obstacles, including the requirement for expensive software with a cost calculator. These costly and complex forms are expected of large banks and institutions, and they can better afford to hire experts who are well versed on the TRID rule, but smaller community-based organizations, like Habitat for Humanity, they simply cannot. The overwhelming majority of the more than 1,200 Habitat for Humanity organizations across our country are faced with limited resources.…”