Now that the Wall Street reform bill has been passed by the Senate and President Obama announced his intention to sign it into law next week, these regulations will not only affect the way commodities are traded but who can and cannot obtain a home mortgage.

REALTOR Magazine recently reported that the Dodd-Frank Wall Street Reform and Consumer Protection Act included several sections in the 2,300-page bill regarding real estate finance, including mortgage reform. The bill would require lenders that originate loans to consumers to ensure that the borrowers are able to repay the loan.

Part of the reason for the bill, lawmakers say, was to curb the dishing out of subprime loans, which caused the housing bubble to burst. These loans were given to people who realistically could not afford to pay them back. As a result, the housing market crashed, home values declined and homeowners were underwater — that is, they owed more than what their home is worth. In addition, people found themselves in foreclosure or walking away from their mortgage payments altogether.

After the 60-38 Senate vote in favor of the bill, many hailed this bill as long overdue, but it was not without its critics. Republicans decried this as another example of the Obama administration’s overreach into the financial markets. Other critics said the bill does not go far enough. But with the residential real estate market going nowhere and nobody ready to make a home purchase — despite near-record-low interest rates — the Wall Street reform bill might not have an effect on the mortgage lending industry at all.