IMPORTANT! IF YOU EVER WANTED TO BUY A HOME YOU MIGTH WANT TO PUT IT ON THE PRIORITY LIST, PLEASE READ: The LA Times is reporting : Six Federal agencies are looking at a proposal that will squeeze huge numbers of buyers out of the mortgage market: a mandatory 30% down payment for borrowers who seek the best rates and terms. The regulatory agencies have set an Oct. 30 deadline for public comments on a 505-page proposal that creates new rules for home loans for homes. The housing proposal is known as QRM-Plus. would require: 1) 30% down or more for purchases 2) Tougher credit standards 3) Ban against second liens Though the proposal was floated as an alternative to a much less onerous standard preferred by a majority of the regulators, it is being taken seriously by housing, mortgage, civil rights and consumer groups - nearly 50 of which are part of a coalition opposing its adoption. The six agencies are: a) Federal Reserve b) Federal Deposit Insurance Corp. c) Federal Housing Finance Agency d) Dept. of Housing and Urban Development e) Office of the Comptroller f) Securities and Exchange Commission. Last years 20% down idea triggered such a vehement response from public and Capitol Hill lobbies these same agencies backed off with a revised plan until late this past summer. With this kind of regulatory clout we could be in real trouble and so will every current homeowner who will see 80% of all buyers disappear. Can anyone imagine what kind of housing meltdown we will have next if this rule is enacted? The Mortgage Bankers Assn. of America (which strongly opposes the 30% plan) estimates that only 18% of people who purchased homes during 2012 would have been qualified for their mortgages under the alternative proposed by the regulators. In other words: 80% of you have to be prepared to surrender your Home Ownership Opportunity OR contact your congress person. Click here to locate and contact your representative and tell them you are opposed to the Qualified Mortgage Rules being considered in congress. Or email me at felipe.alvarez@carringtonres for more information.
Posted on: Tue, 22 Oct 2013 20:25:09 +0000
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