I saw this over the weekend and was sad.
The original "Dodd-Frank Wall Street Reform and Consumer Protection Act" would have required lenders to verify a prospective borrower's income and employment status before approving a loan. This seems so common sense that it defies logic that anyone would have an issue with it. You know what's coming though, don't you?
It seems that Florida Representative Alan Grayson, soon to be former Representative Alan Grayson, provided a timeshare exemption.
That's right people, timeshares don't have to get that information before approving a loan. And remember that the average price of a timeshare last year was around $20,000.
Just when I thought some progress was being made, someone makes this happen.
When are we going to ever learn?
2 comments:
Hey Lisa - Tough issue. You're right that is makes sense to verify employment and income before issuing credit. That said, with the vacation ownership's current tour marketing model and its reliance on closing the sale the same day, this legislation would essentially put our industry out of business.
-jason tremblay
Thanks Jason. Yes it is a tough issue, but that's where the "gold" is...once the industry figures this out, they'll be on the right track. The resale end has it figured out, right?
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