http://www.youtube.com/watch?v=pp9Do52TEkw

The most likely result of this legislation, when it is fully implemented, will be a larger involvement by the government in regulating the mortgage markets. On the surface this appears to be a good thing, but the negative side for a consumer might well be a reduced emphasis on homeownership through more stringent mortgage qualifying criteria and higher down payment requirements. While mortgage underwriting is not particularly flexible right now, the ability of the secondary market to ease credit criteria in a more robust economic environment will likely be eliminated.

All in all, the folks most likely hurt will be first time homebuyers who will have to come up with more money out of pocket for down payment and closing costs, borrowers expecting any underwriting flexibility or quick decisions on their mortgage loan application, and consumers in general who will likely face higher interest rates as lenders pass along the costs of this increased regulation to their borrowers.