Feds Regulating home buyers to save up 20% regardless of creditworthy status under proposed Qualified Residential Mortgage rule- What are your thoughts? -Seattle Homes – Real Estate Search Seattle- Homes For Sale -http://www.ThachRealEstateGroup.com

by thachnguyen on July 11, 2011

Federal regulators think home buyers should save up a 20% downpayment to buy, and home owners should have 25% equity to refinance. That is just too high for hard-working, creditworthy Americans.

Read the coalition’s recently released a white paper, “Proposed Qualified Residential Mortgage Definition Harms Creditworthy Borrowers While Frustrating Housing Recovery,” an in-depth analysis of the impact of the proposed QRM rule. The white paper will be submitted as the coalition’s official comments to the rule.

A recent Washington Post article “Proposed 20% down payment rule could put owning a home out of reach for many” June 18, 2011.

Video of the recent press conference of lawmakers leading the bipartisan effort to modify banking regulators’ proposal to require 20% down payment for affordable qualified residential mortgage (QRM) loans

More background on the Qualified Residential Mortgage (QRM) and Risk Retention

Posted via Seattle Real Estate-Seattle Homes For Sale

Post by Thach Nguyen

Thach Nguyen is the Founder and CEO of Thach Real Estate Group, company that serves people from diverse cultures and communities in buying, selling and investing in real estate.

Thach has written 2044 articles.