WASHINGTON – President Barack Obama is threatening to veto two bills that the White House says would undermine the Dodd-Frank financial reforms put in place after the economic crash. Both of the bills affect housing.
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One of the bills would exempt some borrowing fees from an existing law aimed at protecting consumers. The second bill would undo a provision in Dodd-Frank that categorized some loans for mobile homes as high-cost, triggering additional protections to make sure borrowers can afford them.
Supporters say the bills would improve access to credit and mortgages, but the White House says it would raise costs and put borrowers at risk of predatory lending.
Obama has issued a flurry of veto threats since Republicans took control of Congress earlier this year, many aimed at protecting the Dodd-Frank legislation.