Washington, D.C. – November 20, 2013 – (RealEstateRama) — Representative Mark Meadows (R-NC-11) released the following statement after introducing H.R. 3529, the Protecting Habitat Homeownership Act of 2013, with Representatives Shelley Moore Capito (R-WV-2), Patrick Murphy (D-FL-18) and G.K. Butterfield (D-NC-1).
Mark Meadows in National News |
Mark Meadows in Social Media |
“When the 111th Congress passed Dodd-Frank, the bill included dozens of new rules and requirements for mortgage providers nationwide,” Meadows said. “Unfortunately, this legislation makes Habitat for Humanity, which has a proven model of success in providing affordable mortgages to low-income families, subject to the same compliance regulations as big banks, credit unions and other traditional mortgage providers.
“Most Habitat affiliates have very small mortgage portfolios and volunteer staff who just want to help their communities and ensure that their fellow citizens have homes of their own. These community-based organizations are forced to divert significant time and money toward complying with Dodd-Frank’s requirements. The bipartisan Protecting Habitat Homeownership Act provides Habitat, and other nonprofits providing responsible low-income homeownership opportunities, with a targeted exemption from certain mortgage, servicing, and appraisal requirements so they can focus on doing what they do best: working with their communities to build houses for families.”
“Habitat for Humanity greatly appreciates the commitment Congress has made to a stable and productive housing market as the nation continues to recover from the foreclosure crisis,” said Jonathan Reckford, chief executive officer of Habitat for Humanity. “We share that commitment and are concerned that certain provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act will significantly hinder the ability of Habitat to serve low-income families. Habitat strongly supports the efforts of Reps. Meadows, Capito, Murphy and Butterfield to address these threats by providing responsible nonprofit housing providers relief from these provisions.”
