The Senate showed strong support for the Dodd-Frank Wall Street Reform and Consumer Protection Act by passing it with a 60-39 vote. It will be sent to the White House where President Obama is expected to sign it into law next week.
This historic bill represents a principled effort to bring financial fairness to all Americans and to ensure that lending transactions be both honest and transparent. Any policy that protects those consumers who do not have the means to protect themselves is a step in the right direction.
Many urban communities in America today are in a state of emergency, requiring the highest and most urgent attention of the private and public sectors. Passing the Dodd-Frank Wall Street Reform and Consumer Protection Act opens the way for a system that oversees the practices of participants in the financial markets, rewarding those who conduct business in the spirit of honest free trade and holding accountable those who continue predatory and abusive practices.
Certain provisions of the bill go a long way toward addressing the needs of the roots of our economic tree. In particular, this bill effectively addresses the root causes of the predatory lending induced mortgage meltdown that ultimately triggered the global economic crisis.
We are relieved and grateful that the final conference report addresses the crucial issue of foreclosure prevention. While 2.5 million families have already lost their homes to foreclosure, well over 5 million more are in imminent danger of doing so, and potentially as many as 13 million could lose their homes before the end of this crisis if they do not get some kind of assistance.
Overall, homeowners in America will be much safer as a result of the new mortgage standards. More effective foreclosure prevention will not only help homeowners, but also will help stabilize the economy and contribute to a strong recovery.
Again, we very much appreciate the act of congressional leadership shown by passing this historic legislation.
Cash-strapped homeowners who are forced to sell their homes would gain some relief under a bill approved Monday by the state Senate.
Homeowners who are losing their homes to foreclosure will no longer be forced to pay the municipal portion of the conveyance tax. Currently, the municipal portion amounts to $420 on a $300,000 home.
The exemption was sought by the state's Realtors in a radio commercial that played in recent days and asked listeners to call their legislators in order to pass the exemption.
The foreclosure provision was part of a larger bill that extended the municipal portion of the state's tax on real estate transfers for one year.
Without the extension, the portion of the tax that is directed to cities and towns would expire as of July 1. The issue had prompted a battle over the past seven years between real estate agents and the Connecticut Conference of Municipalities, which represents most cities and towns. CCM strongly favors the tax because it generates about $25 million annually for cities and towns.
The Senate voted, 32 to 4, before 3 p.m. for the one-year extension. Four Republicans - Senators Dan Debicella of Shelton, L. Scott Frantz of Greenwich, Toni Boucher of Wilton, and Anthony Guglielmo of Stafford Springs - voted against the measure.
"People have seen the prices of their homes drop 10, 20, 30 percent since they purchased them, and now we're going to be hitting them with an additional tax,'' said Debicella, who is running for Congress in the Fourth Congressional District against Democratic incumbent Jim Himes. "I cannot do this to the homeowners of Connecticut.''
Guglielmo said the leaders of the 13 towns that he represents have worked hard to control spending.
"I think it's a very unfair tax - the conveyance tax,'' Guglielmo said on the Senate floor. "Most people don't expect it when they go to a closing. ... Then we whack them with a pretty heavy burden.''
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