• Check out the information below.  What is your opinion?  I welcome your comments.

  

  Stephen L. Smith, Manager

  A.C.L. Mortgage Services, L.L.C.

  steve@acl-mortgage.com

   

It appears that the Dodd-Frank Act will be upheld, until the Republicans can get a majority in the senate.  The US Court of Appeals’ stay on the final rule’s implementation has been lifted.  The good news is that the Republicans have introduced a bill to repeal the Dodd-Frank Act.  PLEASE NOTE the article below:

"Senator Jim DeMint (R-SC) introduced a bill on 04/01/2011, The Financial Takeover Repeal Act of 2011 (S. 712), which would repeal the Dodd-Frank Act.  The legislation currently has eighteen Republican co-sponsors.  Critics argue that the bill has little chance of actually passing, as the Democrats still maintain control of the Senate. However, the bill does have important symbolic meaning by demonstrating how significant the Republican opposition to the controversial law remains."

This is important legislation that we need to get behind.  The Dodd-Frank Act is portrayed as a "consumer protection" bill; however, it has brought about more expense and controversy than could ever benefit anyone.  PLEASE stay informed on the progress of these two bills, and keep your customers aware of the benefits/disadvantages of each.