Real Estate News: Financial Reform Bill Passed by Senate

City of Hialeah - Miami Dade County

The fifth largest city in the State of Florida with an area of 20 sq. miles and a Class 1 Fire Department. Hialeah has access to most major thoroughfare - linked by I-95, I-75, the Palmetto and Sawgrass Expressways, and the Florida Turnpike. It is home to Hialeah Race Track and rich with investment opportunities for apts, homeownership, retail and the manufacturing sector. Mayor Julio Robaina serves as strong mayor. His vision to encourage business growth and quality of life for the residents maintains the City of Hialeah as one of the most desirable and stable community in Miami Dade County. See all the details at www.hialeahfl.gov

5/24/2010

Financial Reform Bill Passed by Senate

The most extensive legislation since 1930 is waiting reconciliation with the House Bill passed in December, after being passed by the Senate last Thursday.

Both Bills have measures directly affecting property transactions that include:

Limits on the ability of mortgage lenders to penalize borrowers who pay off their loans early.

Elimination of Stated-income loans.

Lenders are required to obtain proof that borrowers can pay the mortgage payments by requiring buyers to provide tax returns, payroll receipts or bank documents.

Brokers and lenders will not be able to push borrowers to take loans containing higher interest rates or with risky feature.