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New Oklahoma Law Restricts Wall Street Home Resale Fees

NationalMortgageProfessional.com
May 24, 2011

Oklahoma Gov. Mary Fallin has taken action to protect Oklahoma homeowners by signing HB 1594 to restrict private transfer fees, also known as Wall Street Home Resale Fees. HB 1594, sponsored by Reps. Steve Martin, Marion Cooksey and Sen. Brian Crain places a ban on these fees, a financial scheme that steals home equity, lowers home resale values and adds another layer of difficulty to selling a home. “These fees infringe on property rights and hurt Oklahoma consumers,” said Rep. Martin, a co-sponsor of the legislation. “They have no place in the Oklahoma real estate market. We’ve made sure that when a homeowner buys a new property, he or she owns that home free and clear.” Oklahoma becomes the 30th state to have restricted the use of Wall Street Resale Fees. “The Governor and Legislature stood up for homeowners by protecting consumers from these predatory fees,” said Donna Schmulbach, presdient of the Oklahoma Land Title Association. “This bill is an important step in enhancing consumer protections, safeguarding the real estate market and protecting our property rights system in Oklahoma.” The bill is the latest in a series of government actions to limit Wall Street Home Resale Fees. Oklahoma joins Arizona, Arkansas, California, Delaware, Florida, Hawaii, Idaho, Illinois, Iowa, Kansas, Louisiana, Maryland, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Jersey, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Texas, Utah, Virginia and Washington in restricting the dangerous fees. On the federal level, the Federal Housing Finance Agency (FHFA) has issued a proposed rule that would prevent government-sponsored entities from investing in mortgages with these fees.
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