Mandrien Consulting Group on Dodd Frank

With the aim to protect the consumer and in a comeback to the credit crisis, the Dodd-Frank Act was enacted in July 21, 2010. The act is made up of many provisions, rule making directives, and studies to be conducted which may impact the numerous registered investment companies and registered investment advisers. The Act is thought to be a major change in legislation regarding the regulation and supervision of financial institutions.

Mandrien Consulting Group knows that the economic and financial crises had its beginnings in the substandard practices of mortgage writers. The traditional underwriting practices were ignored in the days of the real estate boom; this, in turn, gave rise to perilous mortgages and practices, like allowing loans with “negative amortization” attributes and to propagation of inferior mortgages. To stop such misleading practices from taking place again, the comprehensive mortgage reform legislation was passed in 2007 along with the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act). The Mortgage Act amends provisions of the truth in Lending Act (TILA) to revolutionize mortgage practices and to hold individuals accountable for these practices.

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