The Dodd-Frank Act effectively legislated that banks cannot allow a low-income person to own a home. Obama claimed that to make sure that a crisis like this never happens again, he signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law which was indeed the most far-reaching Wall Street reform in history. It was pitched that the Dodd-Frank legislation would prevent the excessive risk-taking that led to the financial crisis. Yet it did so by outlawing home ownership for the low-income and trapping them as perpetual rental clients for Blackrock. That was very convenient. Quite a few hands were in the cookie jar on this one. The wording was discriminatory for the potential home buyer rather than targeting the practices of the banks who made the mortgages and resold them. The better way would be to penalize the original mortgage lender for their lack of fiduciary duty than to codify restrictions on the consumer.
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