I wrote a blog on Tuesday about an e-mail I sent to Vice President, of Government Affairs, for the CT Association of Realtors, Tim Calnen. asking him the following question:
"Could you tell me on how I can find out how Connecticut Congressmen voted on the proposed Bill requiring a 20% down payment on new home purchases?"
Mr. Calnen, graciously responded back to me quickly and also clearified that this was not a Bill before Congress. Mr Calnen pointed out that this is a:
"proposed "Regulation" of a bunch of Executive Branch Agencies (like HUD, the FDIC, Federal Reseve, etc) - - known as the "QRM Rule" - - (Qualified Residential Mortgage regulation)."
He then went on to make the following statement:
"As proposed, these Regulatory Agencies have drafted the QRM Rule so strictly that it would require enormous downpayments, all in the name of shoring-up sound financial underwriting.
Realtors have lobbied for safe and secure lending practices but still believe a variety of mortgage products should still be available, including down payment plans in the 5% to 20% range with PMI.
CT Conressmen Himes, Murphy, DeLauro, and Courtney have all signed a joint letter to these Regulators espousing this view. You should contact your Representative and asked him /her to bring you up-to-date."
After reading his responce it was still unclear to me as to the position of the three Connecticut Congressmen, so I followed up on this by contacting each of their offices. All three offices did not recall the letter, and told me that they would get back to me. Yesterday Congressman Himes office called me back and stated that they had the letter, and would forward it me.
Below is part of what the letter contained:
I was glad to see that the three Congressmen agree that what is presently proposed would not be good for the economy, or the housing market, and feel that what is being proposed needs to be revised. It will be interesting to see, what this proposal will end up looking. I feel comfortable in saying that with all the objections that they have received to it, that it will not go into affect in its present form. But that does not mean that we can relax, and assume that the final version will make since. This issue needs to be monitored until a version of it makes sense for the Real Estate Industry, and future home purchases.
I did find it interesting that Connecticut Congressman John Larson, and Christopher Murphy did not sign the letter. I wonder what their position is?
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