A number of prominent real estate investors and real estate firms are pushing the notion that real estate is a vehicle for speculation rather than a means to wealth accumulation.
A coalition of investors and brokers, led by the hedge fund billionaire Robert Mercer, is pushing to repeal the Dodd-Frank financial regulation that the real estate industry relies on to protect investors from speculative attacks.
“I am concerned that the Trump administration has a policy of taking away our rights,” said Mercer, who has also backed candidates for president.
“We need a system that puts us in a position where we can protect ourselves, but we can also do the right thing.
That is real property finance.”
He is not alone.
The Trump administration is currently weighing an effort to repeal Dodd-Constein and other regulatory rules that limit the amount of money investors can invest in real estate.
The effort by Mercer and his allies is part of a broader push to dismantle what they see as a bloated regulatory apparatus that they see hindering the expansion of the economy.
The group’s proposal to repeal a raft of financial regulations has been endorsed by hedge fund manager Robert Mercer and other conservative donors.
The proposal has received the support of several top real estate investment firms including Blackstone, Silver Lake and KKR.
It also has the backing of the Trump campaign, which has vowed to undo the Dodds-Frank rules and overhaul the nation’s regulatory system.
Trump, in a recent interview with the New York Times, called the proposed repeal of the Dodd’s-Frank regulations “unnecessary and bad policy.”
“The only way to get rid of it is to get on with making America great again,” he said.
“I have nothing against the regulation that’s in place, but the real problem is it’s all tied up with regulations.
I’m not going to let it get to the point where regulations get too big.
I have a big heart.
It’s not like I have millions of people all lining up to do a big deal with me, I just want it to be fair.”
The group’s proposed repeal would remove certain rules and regulations that require banks and investment firms to offer customers loans.
It would also eliminate the requirement that companies offering mortgages have credit scores that are within a certain range and a rule that requires them to disclose any mortgage transactions that could result in foreclosure.
Those are among the reforms that could be rolled back under the proposal.
The group argues that eliminating Dodd-Biden’s regulations could also benefit the industry.
It has lobbied the Trump White House on the proposal and is pushing the proposal through a series of congressional committees that could take up the legislation in the coming weeks.
The White House has said it would make the repeal of Dodd-Bernstein a priority, and it is seeking to persuade senators to sign off on the bill.