It’s true; we’re living in a scary time. And as Las Vegas tycoon Steve Wynn says, businesses are scared to invest. Especially with moves like the one that’s been overshadowed by this debt ceiling debate. As I posted earlier this week, the Fed is attempting to eliminate “seller-based financing.”
See the original report from The Paper Journal.
How We Can Squelch the Fear
We have a tiny window to be heard and you need to make sure your voice is heard before the Federal Reserve knocks out a key way we investors can keep on making money – and helping people remain homeowners.
Some of the key points:
- The Fed wants to enact a rule that “prohibits property sellers from taking back a mortgage unless the buyer can qualify for conventional financing.”
- The proposed act empowers buyers to “cancel the sale” within three years if they aren’t “properly qualified” for a mortgage by the seller.
- The proposal means that you’ll be required to collect all sorts of financial information on your prospective buyers. That means you’ll have to keep up with more regulations and will likely drive investors out of the business.
Fight Back by Friday
Let’s take hold of the fear and fight back. Be sure to submit your comments (scroll to the bottom of the page) by Friday, July 22nd. And here’s a link to some prepared responses for you to use in crafting your comments.
How do you feel about this issue? Fearful? Angered? Share your sentiments in the comments below.