WASHINGTON – March 24, 2015 – (RealEstateRama) — U.S. Sen. Mike Rounds (R-S.D.), a member of the Senate Banking Committee, today introduced an amendment to the budget resolution to facilitate help for those in rural areas seeking a mortgage to purchase a home. The Dodd-Frank financial reform law of 2010 has made it more difficult for citizens in rural areas to receive a mortgage.
“South Dakotans who live in rural areas are finding it increasingly hard to get a loan for a home because of new layers of red tape at the federal level,” said Rounds. “Community banks should not be unfairly punished because of the national housing crisis. My amendment will allow us to address mortgage lending in rural areas so South Dakota families can get the loan they need to thrive and grow.”
Rounds’ amendment would create a deficit-neutral reserve fund related to mortgage lending in rural areas to help free up equity that can be used to make home loans.