Mortgage Lending Is 'Too Tight Right Now' Says HUD

According to the Federal Reserve, from 2007 to 2012, mortgage lending to borrowers with credit scores over 780 fell by a third. Loans to those with scores between 620 and 680 fell 90%. Clearly, action is needed. One way to get credit to those ready to own is by simplifying the regulatory environment...

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Bibliographic Details
Published in:National Mortgage News 2014-02, Vol.38 (20), p.4
Main Author: Donovan, Shaun
Format: Article
Language:English
Subjects:
Affordable housing
Bipartisanship
Congressional committees
Consumer credit
Hispanic people
Home loans
Home ownership
Housing
Initiatives
Lending institutions
Loans
Mortgages
Presidents
Reforms
Regulation of financial institutions
Underwriting
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Summary:According to the Federal Reserve, from 2007 to 2012, mortgage lending to borrowers with credit scores over 780 fell by a third. Loans to those with scores between 620 and 680 fell 90%. Clearly, action is needed. One way to get credit to those ready to own is by simplifying the regulatory environment for lenders. Case in point is the qualified residential mortgage rule (QRM), which we finalized in December. Another way to ensure credit is available for responsible low- and middle-income families is by strengthening the Federal Housing Administration for the long term. FHA has historically been a beacon of hope and opportunity for underserved communities. And during the housing crisis, it helped keep the dream of homeownership alive for families by providing much needed liquidity to the nation's mortgage finance markets. I
ISSN:1050-3331