"People live in homes, not corporations. With Trump's order, his administration will also look to set policies promoting sales to individual owner-occupants, and have the Justice Department and Federal Trade Commission conduct antitrust reviews of substantial acquisitions by institutional investors across housing markets. The White House also plans to prepare proposed legislation to provide additional tools. The president's announcement earlier this month that he planned to unveil the executive order sent the S&P 1500 Homebuilding Index tumbling"
"RELATED: Gov. Newsom plans crackdown on corporate homebuying in California According to the order, the Treasury Department has a month to develop definitions of large institutional investors and single-family homes. Within 60 days, agencies across the federal government will look at ways to prohibit insuring, guaranteeing, securitizing, or facilitating the acquisition of those homes by entities considered large in scale."
President Donald Trump signed an executive order seeking to limit large institutional investors' purchases of single-family homes and encourage owner-occupant sales. The order lays out a multi-part process but does not immediately impose new rules or regulations on companies with significant housing portfolios. The Treasury Department has one month to define large institutional investors and single-family homes. Within 60 days, federal agencies will examine ways to prohibit insuring, guaranteeing, securitizing, or facilitating acquisitions by large entities. The Justice Department and FTC will conduct antitrust reviews of substantial institutional acquisitions and the White House will prepare proposed legislation and other tools. Markets reacted with declines in homebuilding and investor shares.
Read at www.mercurynews.com
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