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DS News Webcast: Thursday 5/19/2016

Foreclosure, REO, News, Webcast

Calling the Dodd-Frank Act a quote, negative force, presumptive Republican presidential nominee Donald Trump said on Wednesday that in the next couple of weeks he will unveil a plan to overhaul the controversial Wall Street reform law that was passed in 2010 in response to the crisis. While he did not disclose specific changes he would make, Trump said that his plan will be a quote, near dismantling of Dodd-Frank.

Trump said that Dodd-Frank, quote, makes it very hard for bankers to loan money for people to create jobs, for people with businesses to create jobs. And that has to stop. Close quote. The presumptive Democratic presidential nominee, Hillary Clinton, was swift to respond to Trump’s stated intention to overhaul Dodd-Frank. Wednesday morning, Clinton tweeted, quote, Latest reckless idea from Trump: gut rules on Wall Street, and leave middle-class families out to dry. Close quote.

Recent economic slowdowns have prompted Fannie Mae and Freddie Mac both to downwardly revise their economic forecasts for the full year of 2016. Despite this, both GSEs have stood their ground on their positive outlook for housing for the rest of the year. Freddie Mac stuck to its prediction that 2016 will be the best year for home sales in a decade as near-historically low mortgage rates work to offset rapid home price appreciation and tight inventory. According to Fannie Mae, pending home sales and low mortgage rates are likely to result in a rise in home sales in the near-term.