|The 26th Alaska State Legislature, 2009 - 2010|
Proposed Federal Mortgage Licensing Regs
|Signed Into Law! Legis Resolve 45|
Sponsored by Rep. Wes Keller
“Supporting certain changes to proposed regulations to implement the Secure and Fair Enforcement for Mortgage Licensing Act of 2008.”
Posted: March 1, 2010
In 2008 Congress passed the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE). This legislation was intended to bring some standard to home lending and possibly shore up the banking industry. As is too often true, the application is unusable (or worse) in Alaska. A one-size-fits-all may be fine for the lower 48 with its standard urban sprawl but is harmful for the unique situations in Alaska. These rules make it more difficult to secure a loan for certain types of property and hinder the rights of property owners to profit from their labors.
# # #