Trump Wins! Now, How Will He Govern?
His effect on access to affordable homeownership could be dramatic.
Donald Trump astounds the nation with a surprising and historic victory over Hillary Clinton. Now, many are wondering, how will he govern?
Most everyone was surprised by the victory, except of course Donald Trump, and his legions of hardworking everyday Americans. While pollsters polled, many of Trump’s supporters, who were “closet voters,” remained silent about their preference for Trump – hoping to avoid ridicule and chastisement from Clinton supporters. As for Trump, he has said all along, he knew how to win. And his stunning finish proved him right. He has also stated emphatically that he will restore the economy. There is no reason to think he would not, if his agenda is accomplished within two years following his January 20th, 2017 inauguration.
How will trump govern?
President Trump ascends to the White House under ideal circumstances with the Republicans controlling all three branches of government, albeit narrowly holding a scant three Senate seat advantage over the Democrats.
That controlling advantage will likely dissipate following the 2018 mid-term national elections, as more incumbent Republican seats will be up for grabs. (* You might recall that the now infamous Obama Care was passed by an administration controlled by all three branches of government. Final passage of the Affordable Care Act by the Senate was without a single Republican Senator voting for the legislation.)
Improving a sluggish economy was by far the number one issue that concerned voters in this election. Clinton’s plan, or lack thereof, was a continuance of the Obama policies. That ill-conceived plan included a regulatory agenda that had the potential of further binding millions of Americans to the federal government for minimal sustainment.
Trump on Dodd/Frank
Conversely, Donald Trump laid out an agenda that addresses the country’s economic woes that include repealing and replacing the Affordable Care Act, otherwise known as Obama Care. Unleashing free enterprise by reversing all 15 Executive Actions taken by President Obama, reducing dramatically the size and authority of regulatory agencies, such as the Environmental Protection Agency (EPA). Rolling back decades of overregulation on the energy sector, a massive trillion dollar national infrastructure undertaking. And the replacement or amending the Dodd/Frank Financial Reform Act. The piece of legislation that has effectively eliminated homeownership for millions of hardworking middle and lower income citizens.
What is Dodd/Frank? On July 21, 2010. President Obama signed into law the Dodd/Frank Wall Street Reform and Consumer Protection Act. The law governs every aspect of consumer finance activity in the nation. In essence, the requirements of Dodd/Frank makes it more difficult for homeowners to obtain affordable financing.
“We have to get rid of Dodd/Frank.The banks aren’t lending money to people who need it.” ~ October 20, 2016, Fox News interview
In addition, the Act provides an unprecedented level of authority to a new Bureau of Consumer Protection (CFPB) to develop and rewrite rules and regulations governing mortgage lending activity, including manufactured home loans secured by personal property.
Numerous other provisions of Dodd/Frank impose requirements on manufactured homes, such as appraisal guidelines, new loan originations, and restricts access to affordable financing for low-to-moderate-income families, and by reducing the range of loan products subject to overly broad and burdensome new high-cost mortgage guidelines.
“I think, absolutely, that Dodd/Frank has to be either eliminated or changed greatly.” ~ May 5, 2016, CNN interview
Co-sponsor Barney Frank has acknowledged that the provisions of the law pertaining to manufactured homes were not intended to be included in the legislation. Yet, it remains. The Director of the CFPB, Richard Cordray is aware that the inclusion was unintended, and has the full authority to correct the error, yet has stonewalled all attempts to correct the mistaken inclusion, adversely affecting thousands of otherwise qualified homeowners. Probably at the behest of Dodd/Frank’s biggest supporters, Barack Obama and one of the architects of the CFPB, Senator Elizabeth Warren.
Is the American dream of homeownership still alive?… Yes, it is! Thanks to the electorate’s wise choice in the November 8, 2016, election.
President-elect Donald Trump will most assuredly lead the Congress in completely repealing Dodd/Frank, or at a minimum, replace the CFPB Director with someone who will eliminate the onerous unintended consequences of the manufactured home provisions of Dodd/Frank legislation. that has negatively affected the manufactured housing industry and those who desire quality affordable homeownership.
(Photo Courtesy of the Wall Street Journal)