Join us on LinkedIn Follow us on Twitter Like us on Facebook Follow us on Instagram
 
  OCTOBER RESEARCH STORE Already a subscriber? LOG IN
AddControlToContainer_DynamicNavigation6

ROAD to Housing Act gains mortgage industry support

Email A Friend Printer Friendly Version
0 comments
Inside the Beltway
Tuesday, September 24, 2024

Newly introduced legislation aimed at improving the state of the nation’s housing marketplace is gaining support from the mortgage sector. The “Renewing Opportunity in the American Dream (ROAD) to Housing Act” proposes a broad set of changes meant to make homeownership more affordable for borrowers and improve the lending environment for institutions.

The legislation outlines policy reforms intended to increase manufactured housing construction, small-dollar mortgage lending, construction grants, building or preservation of housing in Opportunity Zones, and to promote regular, sustainable dialogue between federal agencies and Congress. 

It also includes measures designed to enhance housing counseling and financial literacy services for borrowers as well.

The bill was introduced by Senate Banking Committee Ranking Member Tim Scott (R-S.C.), with expressed support from seven other Republican committee members. In a prepared statement, Scott lamented many of the reforms described in the bill were discussed by the committee a year earlier but no action was taken.

“One of the things I like to say as I think this through a little bit – so many people have good intentions on solving the problem surrounding housing,” Scott said. “But the truth is when you look back 15, 16 years ago to the financial crisis of folks providing more down payment resources, more assistance to become a first-time homeowner – without any financial literacy or financial education as it relates to how to own a home or how to take care of a home – being prepared for planned obsolescence – things just become obsolete.

“Without that education you’re simply renting the home that you think you own and then during the crisis what we saw was some of the highest levels of foreclosures for those folks that were induced to make a decision to buy a home that they could not afford because they thought they could afford the mortgage payment and not all the incidentals that come along with being a homeowner.”

Mortgage Bankers Association (MBA) President and CEO Bob Broeksmit released a statement endorsing the legislation.

“Housing supply and affordability is a national problem that demands the focused attention of Congress and federal housing agencies. We are encouraged that housing is a major policy discussion this election cycle, including the airing of many proposals that require congressional action,” Broeksmit said. “We are particularly pleased by the introduction of Sen. Scott’s comprehensive bill that contains provisions MBA believes will help to make housing more affordable and available.”

He closed by noting MBA’s continued support of legislative efforts to make homeownership more accessible and the organization’s hope that policymakers on both sides of the aisle will work to “build consensus and promote the enactment of workable solutions like those proposed in this bill.” 

The legislation is cosponsored by Sens. Bill Hagerty (R-Tenn.), Cynthia Lummis (R-Wyo.), Katie Britt (R-Ala.), Kevin Cramer (R-N.D.), and Steve Daines (R-Mont.).

Today's other top stories
What if the CFPB rescinds its LO Comp, MSR rules?
CFPB requests court vacate data privacy rule finalized by past leadership
New York approves tighter BNPL rules as federal regulators pull back
Hood declines request to rescind OCC preemption regulations
ICBA responds to proposed Nacha ACH rule amendments


COMMENT BOX DISCLAIMER:
October Research is not responsible for the comments posted on its websites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.
Comments:

Be the first to leave a comment.

Leave your comment
CAPTCHA Validation
CAPTCHA
Code:
: 
: 
Your Email is for reporting purposes only. It will NOT be displayed.
Popularity:
This article has been viewed 602 times.

Monthly Newsletter

Dodd Frank Update June 2025

Cover Story:

What lenders should know about CRA benchmarking, business strategies


News by Topic   News by Edition   News by Agency   News by Industry   In-depth Reports   Events
Banking
Case Law
Conference Coverage
Consumer Protection
Data Privacy
Financial Stability
Industry Spotlight
Legislation
Nonbank Financial
The TRID Journey
 
Dodd Frank Update May 2025
Dodd Frank Update June 2025
Archives
 
CFPB NCUA
CFTC OCC
FDIC OFR
FHFA SEC
FRB States
FSOC Treasury
FTC  
 
Appraisal
Broker-Dealer
Community Banks & Credit Unions
Land Title
Mortgage
Payday Lending
 
2025 State of the Industry
CRA and Affordable Housing
2025 State of the Industry
Who's My Regulator?
Fair Lending
Mortgage Technology
Marketing Compliance for Lenders
Archives
 
National Settlement Services Summit (NS3)
Women's Leadership Summit (WLS)
Webinars

Library   About   Subscribe   Other Publications
Data Privacy Vault Court Actions
Keys to Real Estate podcast Enforcement Documents
Blog - Tuesdays with Mary Guidance Documents
1071 Compliance Guide White Papers
eClosing Solutions Showcase Position Papers
Executive Interview Series Legislation
Lender Associations Regulations
The Dodd-Frank Act Reports, Studies and Surveys
Dodd-Frank Summary & History Federal Register Notices
 
Dodd Frank Update
Contact / Editors
Advertise
Request a Media Kit
Social Media
Are You An Expert?
Subscriber Agreement
 
Subscriptions
Free Email Updates
Try a Free Edition
 
The Title Report
The Legal Description
Valuation Review
RESPA News
Copyright © 2011-2025 Dodd Frank Update
An October Research, LLC publication
3046 Brecksville Road, Suite D, Richfield, OH 44286
(330) 659-6101, All Rights Reserved
www.doddfrankupdate.com | Privacy Policy
VISIT OUR OTHER WEBSITES
> The Legal Description
> RESPA News
> The Title Report
> Valuation Review
> NS3 The Summit
> Women's Leadership Summit
> October Research, LLC
> The October Store


Loading... Loading...
Featuring:
  • Delivery 3X a week plus breaking news as it happens
  • Comprehensive title insurance industry news
  • Recent acquisitions, mergers, real estate stats
  • Exclusive in-depth coverage of the industry's hottest stories
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Comprehensive Dodd-Frank coverage
  • The latest information from the CFPB
  • Full coverage of Congressional hearings
  • Updates on all agency actions
  • Analysis of controversial provisions
  • Release of newest studies and reports
Sign up today and...
  • Be one of the first to know where NS3 is being held
  • Learn about NS3 speakers and sessions
  • Save on registration with Super-Early Bird rates
  • Discover the networking opportunities NS3 offers
  • Find out if CE credits will be offered for your area
  • And much more
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Preview the latest RESPAnews.com Top Story
  • RESPA related headline news
  • Quote of the Week
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Legal, regulatory and legislative information impacting the settlement services industry
  • News from HUD, Congress, state legislatures and other regulatory agencies
  • Follow the lobbying efforts of all the major national real estate services organizations.
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • The industry's only full-time newsroom
  • Relevant, up-to-date appraisal industry news
  • Covering the hottest stories and industry trends
NEWS BY TOPIC
EDITION
AGENCY
IN-DEPTH REPORTS
INDUSTRY
EVENTS
LIBRARY
EMAIL UPDATES
ABOUT
SUBSCRIBE
Banking
Case Law
Conference Coverage
Consumer Protection
Data Privacy
Financial Stability
Industry Spotlight
Legislation
Nonbank Financial
The TRID Journey
Current Edition
May 2025
April 2025
March 2025
Archives
CFPB
CFTC
FDIC
FHFA
FRB
FSOC
NCUA
OCC
OFR
SEC
States
Treasury
2025 State of the Industry
Real Estate Compliance Outlook
CRA and Affordable Housing report
Who's My Regulator?
Fair Lending
Marketing Compliance for Lenders
Archives
Appraisal
Broker-Dealer
Community Banks & Credit Unions
Land Title
Mortgage
Payday Lending
National Settlement
Services Summit (NS3)
Women's Leadership
Summit (WLS)
Webinars
CFPB's Shake-Up & Its Impact on You
2025 Economic Outlook Series
Data Privacy Compliance
Fintech Partner Compliance
Strategies post-NAR settlement
Industry and Regulatory Outlook
Securing Your Cyber Network
Compliant Marketing Tactics
2024 Economic Forecast Series
Webinar Archives
Data Privacy Vault
Keys to Real Estate podcast
Blog - Tuesdays with Mary
1071 Compliance Guide
eClosing Solutions Showcase
Executive Interview Series
Lender Associations
The Dodd-Frank Act
Dodd-Frank Summary
Court Actions
Enforcement Documents
Guidance Documents
White Papers
Position Papers
Legislation
Regulations
Reports, Studies and Surveys
Federal Register Notices
Proposals
Final Rules
GAO
Agency
Contact Us
Advertise
Request a Media Kit
Social Media
Are You An Expert?
Subscriber Agreement