Fight continues against 20% downpayments

The U.S. must tighten mortgage-lending rules to make the industry less risky – a new rule under the Dodd-Frank Wall Street Reform and Consumer Protection Act. If a mortgage follows QRM rules, which have not yet been defined, lenders can sell the mortgage because it will be considered relatively low risk. Lenders can still issue mortgages that don’t adhere to QRM standards, but the law forces them to retain some ownership and part of the risk. As a result, most lenders will follow QRM rules once established.

Check out the rest of the story http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=2&id=261916

http://www.washingtonpost.com/proposed-20percent-down-payment-rule-could-put-owning-a-home-out-of-reach-for-many/2011/06/15/AGDJIhaH_story.html

 

Take Action here: https://secure.homeowneraction.org/site/Advocacy?cmd=display&page=UserAction&id=153&utm_source=Rorgweb&utm_medium=banner&utm_content=narpub&utm_campaign=qrm2011

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About yournapleshome

Karen is originally from Cape May County, New Jersey but considers herself a Floridian due to the many years she has resided in this sunny state! She has two children, Kimberly and Jennifer. Kimberly graduated form the University of Florida in 2000 and resides in Naples with her husband and two children. She works in education . Jennifer graduated from the University of Florida in 2006 and resides with her husband in Raleigh, North Carolina. She currently works for the Sweatlock Team as a marketing executive. The Sweatlock Team provides top-notch personable and professional real estate services, custom marketing for listings, efficient and honest service, fair representation, and a team that is ready to work for you! All combined with great expertise and impeccable service- a combination that can't be beat! Our clients are clients for life.
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