Blatant Reparations
Our government agencies, for the most part, are not intended to produce a positive outcome. Their intent is to “govern”, not “boost” activity. If you think that’s a false statement, then you have frequently [or once] seen quantified returns (measurements) based on a ‘bond’ or ‘spending’ led by the government. Have you seen anyone measure the benefits of using our money? Have you heard of the Chevron Doctrine?
An omniscient previous administration created the Consumer Financial Protection Bureau (CFPB) as an element of the Dodd-Frank Act. Liz Warren created the Bureau but wasn’t picked to run it. That was the only catastrophe averted.
The CFPB has never won support of the industry. Rather, the CFPB has replaced Buyers and Sellers in a residential purchase transaction. That is, after a Buyer and Seller come to agreement, the CFPB is allowed to ‘kill’ the deal as though their decision is the most important.
Based on their own survey data, the intent of the CFPB was to ‘repair’ racial disparities among the 10% of adults who don’t have a credit report. Get that? If you don’t have enough or any credit, this agency was created to change that. Regardless of your income or wealth generation, we all now have a ‘right’ to a credit score. National Credit Reporting Agencies (NCRAs) are ‘making people credit invisible’.
This has made the general real estate market much more difficult for Buyers. And if things are difficult for Buyers, they become difficult for Sellers.
Imagine if this process, focused on the goals and intentions of Buyers and Sellers, becomes handicapped by outside entities who only want to change the races in the mix. And the oversight of their actions have resulted in many violations (Chevron Doctrine) and falsehoods made in support of the Bureau. The Bureau has already been caught greatly overstepping their lawful boundaries—see the Chevron Doctrine.
It’s a good thing I’m 1/1024th Blackfoot.
Jay Emerson, Broker Masters Club – Outstanding Life Member – DRE#1788488 |