What does it mean to you?

I know most of you are probably tired of hearing about all the mortgage reform going on but too bad. This is my livelyhood and how I support my family but not only that, this is a HORRIBLE legislation Barney Frank and his croonies got passed under the pretense "it is better protection for the consumer"
I really do not think most people outside the mortgage or real estate industry truly understand the impact this will have on not just me but EVERYONE!!
This is so much more than the government saying how much I or any other broker can get paid. It has more to do with the costs associated to the consumer. The government has made the playing field unlevel in the mortgage industry by regulating and restricting brokers as to what they can and cannot do while the big banks such as Bank of America, Chase, Wells do not have to follow the same rules even though they do mortgage loans just like the brokers. You have mortgage people that have to go through 20 hours of pre licensing and then take a National Test and a State test to get a license. Then each year we are required to take 8 hours. For someone who works for a bank they do not have to do any of this. Can you please tell me how this is equal? We both are doing the same job. And if you remember, it was the big banks that were bailed out with MILLIONS of YOUR dollars while the brokers were the ones that took the blame for the mortgage crisis. FYI... the mortgage crisis was not the doing of the brokers- while many brokers had a role in it for putting people in loans that they should not have been in, they were not solely to blame which is what the media and government would like for you to believe.
So how does this new ruling and legislation affect you? One way is, in the past if you  were short on funds to close, me as a broker, could come in and give you a credit to help. With the new laws I am now prohibited in doing so. So lets say, you have 10,000 in the bank for the purchase of your home. We get your insurance quote in or your tax statement in for the property and it is higher than what we originally thought (because these are things I have no control over). Now because of this you need 12,000 instead of 10,000. The new law states that I cannot give you this credit to help you out. So tell me where the benefit is for the borrower? You have a signed contract on a house which you are legally bound to- you must close but how if you don't have the money? Does this seem fair to you as a consumer? Setting you up for a lawsuit? No, I don't think so.
Another way this will affect you is the time it will take to get a loan closed. Since it will mainly be the big banks in competition because they have in effect forced the brokers out, your closing time will now go from approximately 30-45 days to about 6 months because of the back log. How is this helping move the housing industry? So, lets say you get a job transfer and your company does not pay for relocation. You have to have a place to live in the new location right? So what are you going to do if it takes 6 months for your house to sale? Are you going to live in an apartment? What if you cannot afford the rent payment plus your house payment? Then what will you do? Even if you could afford two housing payments at the same time but you need the equity from the sale of your home for the down payment and closing costs you will still be waiting to get it. Is this too a benefit to the borrower? 
In my opinion this is just a stepping stone for the government to go into other industries and do the same. If you want to sit back and see where the dice rolls, so be it- but I will not. This is not the way this country was based. And if you want to complain and moan once this all happens- you have no right because you didn't stand up and say enough is enough!!
Just my thoughts do with them what you will.