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Thank you for contacting me regarding the proposed rule to define qualified residential mortgages (QRM). As always, I value your input and strive to keep you updated on the important issues facing us today.
Last year, we completed a major effort to reform the laws governing the financial industry. The core part of the legislation, which was signed into law [P.L. 111-203] on July 21, 2010, includes a proposed definition for Qualified Residential Mortgages (QRM). This provision seeks to promote sustainable availability of credit and requires that financial institutions retain 5 percent of the risk on certain loans they securitize. The proposed rule on what qualifies as a QRM would require a 20 percent down payment and limits mortgage payments to 28 percent of gross income.
Please know that I understand the impact the QRM provision will have on homebuyers as well as homeowners when they go to sell their homes. It is my hope that the final rule on the terms of a QRM strikes an appropriate balance between ensuring responsible lending practices and making sure that our housing market remains vibrant for buyers and sellers. I remain actively involved in these issues, and I will be paying close attention as the implementation process of the QRM risk-retention provisions moves forward.
Again, thank you for sharing your thoughts with me. Should you have any additional questions or comments, please feel free to contact me or visit my website at www.scottbrown.senate.gov.
Sincerely, Scott P. Brown United States Senator
Dear Senator Brown,
Thank you for your quick response. I absolutely agree with the 5% provision and the 28% ratio. I am a 39 year veteran of the real estate business. Very few mortgages are written without mortgage insurance with borrowers having less the 20% down. The 20% down requirement will have no effect in stabilizing bank losses. They are protected now. Incidentally how many mortgage insurance companies needed a bailout?
You are a veteran and would qualify for a VA loan. Have you looked at the foreclosure rate? It is insignificant when compared to the "conventional loans". These are zero down mortgages. The ratios for VA go as high as 40%. If you really want to have a significant impact then you need to ban the "ninja" loans. The no income or job verification is the real problem. If you look at the statistics these are the problem loans.
The real problem is that you had brokerage firms become "banks" with an eye only on profits. A little known fact that started this housing crisis was derivatives. The sub-prime mortgage market was only 15% of the total mortgages. Only 15% of these mortgages were delinquent. These mortgages had been divided up into a thousand pieces and then sold. The domino effect occurred taking down huge brokerage firms and creating government bailouts. Too big to fail is ridiculous. Let the market decide who survives.
I would also point out that 91% of all home owners pay federal income taxes. Home ownership is good for the country. The 20% down provision will create unintended consequences that is not necessary to preserve the housing market.
You have proven to be a man who thinks an awful lot before he acts. I would ask you to rethink the 20% down requirement.
Conrad M. Allen
Please visit Senator Brown's website and public pages:
To sign up for my e-newsletter, click here. Next time you’re in Washington, plan to attend my monthly constituent coffee, RSVP here.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.