After much ado our political "leaders" have finally come to an agreement on the broadest regulatory overhaul since the Glass Steagal Act of 1933 . By a vote of 60-39, the Senate yesterday passed HR 4173: WALL STREET REFORM AND CONSUMER PROTECTION ACT . The House already gave their seal of approval so the legislation heads to President Obama's desk where he is expected to sign it into law next week. The bill includes several reforms aimed directly at the housing and mortgage industries. Instead of trying to translate the text into comprehensible English I chose to rely on the Mortgage Bankers Association's outlines. Once again they came through in the clutch... HERE is an indepth summary of the text. Below are some excerpts from the MBA's overview. Credit Risk Retention...(read more)

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