USA President Franklin D. Roosevelt’s New Deal created the Securities and Exchange commission as part of the 1933 Act. It was designed to prevent business people from raising capital from the general public. Under the guise of consumer protection, the regulation made it illegal for entrepreneurs to advertise the offering of new shares in a company. Except to wealthy insiders—called accredited investors. The regulation relied upon a four-part test called ‘Howey’ to define which offers are considered securities.
It officially went into effect October 3, 2015. The Dodd-Frank mandated (CFPB directed) residential real estate closing regulation (known as the “TRID Rule”). If you’re participating in a residential real estate transaction in America, then these closing rules shall apply.
It’s worth repeating. These rules (timelines!) apply to any home purchase:
What goes on in Washington about real estate that no one tells you about? If you are buying and selling property for residential real estate investment in America, then I recommend you read this.
For those of you who may not be aware that, in 2010, the Obama administration made it near impossible for any real estate investor to access, buy and resell residential property.