The Consumer Financial Protection Bureau (CFPB) recently released an advisory opinion and research report on a form of home seller financing that is often referred to as contract for deed. The CFPB says their advisory opinion and report are part of their effort to rid the market of what they say are predatory & exclusionary home lending practices. Stay tuned…
“Contracts for deed – also called “land contracts,” “installment land contracts,” “land sales contracts,” or “bonds for deed” – typically cover the purchase of homes. They are structured such that the seller retains the legal title to a home until the borrower completes all the payments. During the contract term, the borrower often carries the responsibilities of homeownership, including repairs, property taxes, and improvements.” – from the CFPB’s media release.
“U.S. citizens would be far better served by a CFPB that performed actual reports and recommendations based upon state law to state-based consumer protection bureaus and legislatures rather than trying to subvert the 10th amendment and take over private contracts for real estate in every state with one regulation – remember the recent Chevron Deference case?” Said Charles Tassell, COO of the National Real Estate Investors Association.
The Consumer Financial Protection Bureau (CFPB) recently released an advisory opinion and research report on a form of home seller financing that is often referred to as contract for deed. The CFPB says their advisory opinion and report are part of their effort to rid the market of what they say are predatory & exclusionary home lending practices. Stay tuned…
