No, it’s not necessary at all.

Assuming you want to use a dwelling as security, here are a few other heinous consequences of this bill, a:

1. Because “dwelling” is not defined and people have been known to dwell in them, points 2-5 below could apply to any loan you want to make that is secured by a:
• Self-contained recreational vehicle or camper, or
• Commercial building or store with a kitchen(ette) and bathing and sleeping areas.

Note: It doesn’t matter if the dwelling/property
is vacant, you live in it, rent it out, or
use it for your business.

2. If you need help with medical expenses, mortgage payments, education, or want to buy a home, you won’t be able to borrower from family or friends.

3. If you have family members or friends who need help because they are unemployed, disabled, or want to purchase a home, you won’t be able to make them a loan.

4. If you need to use your dwelling’s equity to pay bills or buy food during an income hardship (unemployment, illness, death of a spouse), you must apply for a loan with a regulated lender. This lender will be required to deny your loan request, if the government’s ‘to-be-established’ formula says you can’t afford repayment with your reduced income. Effectively, the equity in your residential properties will be locked away with no way to access it in an emergency.

5. You can only finance the sale of 1 owned dwelling in any 3-year period. Any additional non-cash sale would have to be financed by a regulated lender. If your property doesn’t meet standards established by the lending industry (as is the case for many homes in rural America), the property would be unsaleable during that 3-year period.

One (of many other) HUGE thing Bill Bronchick failed to mention in his simplified summary is that in order to lend money to your child (secured by his/her home), say to help with your grandchild’s education, you would have to “be qualified and, when required, registered and licensed as a mortgage originator in accordance with applicable State or Federal law, including the Secure and Fair Enforcement for Mortgage Licensing Act of 2008.”

Gimme a break.

Attorneys specialize in TIL violations- that’s one of the levers used against lenders when going after short sales, etc. It’s NOT easy to be completely compliant with government guidelines- especially without the assistance of an attorney well versed in the peculiar guidelines for TIL.

Besides, since when is private property transactions, where no new financing is involved, become something that the federal government controls? We are rushing into a form of government where the individual rights and liberty are being shoved aside by those who’s view of government is all encompassing. These people are convinced that centralized power and control is the answer to everything.

That is NOT what our country is all about. OUr freedom to conduct transactions is being choked and we must resist this effort to push the rights of individuals aside by those who desire to impose their “mob” mentality. Russia, Germany and Italy thought that was a good idea… and we can all agree, it led to immense destruction of life, liberty and prosperity.

Not in America.

All that is necessary for the triumph of evil is that good men do nothing.
-Edmund Burke