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QRM - Three letters that will wreck the housing recovery

Reblogger Joe Metzler

Mortgage and Lending with Cambria Mortgage, The Joe Metzler Team NMLS 274132

June 02, 2011 06:19 AM

QRM (Qualified Residential Mortgage) rules set in place by last years Frank/Dodd financial reform law is about to wreck what is left of the housing market and kill any recover. Wtach, learn, and contact your Congressperson before it is too late!

QRM. Three letters that will wreck the housing and economic recovery of this nation. Find out what QRM (Qualified Residential Mortgage) means, and how it is going to effect you. If you want to buy a house with a low, or no down payment option, you might want too act soon! Washington also wants FHA down payment to be raised to 5%... Watch and learn more. Thoughts?

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Gary L. Waters Broker Associate, Bucci Realty

Bucci Realty, Inc. - Melbourne, FL

Eighteen Years Experience in Brevard County

Congress and the White House seem to think they have all the answers. I am not sure they even recognize the real issues!

Jun 06, 2011 01:13 AM

Dick and Dixie Sells

Sells Real Estate, LLC - Trinity, FL

Realtors, Tampa Bay Florida Homes For Sale

This could definitely throw alot of hard working people on the sidelines forever.

Jun 06, 2011 01:24 AM

Kevin Ward

Coldwell Banker Residential Brokerage - Manalapan, NJ

Skin in the game? Important. Banks wield so much power as it is and are making so much profit again (record breaking in many cases) that there is no sympathy here. It will take very strong leadership along with organized efforts of large numbers of common folk in support, to make any effective change that will favor the average American. Yes...banks need to be regulated and reigned in. The already run the show. They did before, they do now, and they laugh all the way to the bank (their own bank that is) on the broken backs of Americans. They can cherry pick with their lending as much as they want already, including commercial lending.

3.5% down? Very important as well. There are no easy answers but I agree that now is not the time to raise the down payment requirement for FHA Mortgages as long as the additional requirements are in order i.e. job history, credit score, etc.

Thanks for sharing your ideas and best of luck.

Jun 06, 2011 01:26 AM