ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL - 12/13/2012
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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
The spillover impacts of foreclosures have wiped out nearly $2 trillion in household wealth, and the housing downturn resulted in the largest documented wealth gap between white households and families of color, the Center for Responsible Lending says in a report released today.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
So while federal and state policies should address the "true causes of the crisis" -- abusive loan terms and irresponsible underwriting practices -- it's important to maintain a stable supply of mortgage financing that ensures access to credit for qualified borrowers, the report concludes.
While a borrower's ability to repay a mortgage "is such a basic tenet of sound lending that, historically, most lenders would not have dreamed of deviating from it," the "originate-to-securitize" model rewarded loan originators for generating large volumes of loans, regardless of their performance.
The Dodd-Frank bill sets an ability-to-repay standard, and creates a preference for a category of less risky loans called "Qualified Mortgages" (QMs). Lenders who originate QMs will get some protection from lawsuits that are based on Dodd-Frank's ability-to-repay provision. To qualify as a QM loan, mortgages must be:
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
•Fully amortizing, with no deferment of principal or interest.
•No balloon payments.
•Points and fees no greater than 3 percent of the total loan amount.
•Loan term not to exceed 30 years.
•For adjustable-rate mortgages, lenders must evaluate the borrower's ability to repay based on the
maximum rate permitted during the first five years.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
Another category of loans -- "Qualified Residential Mortgages," or QRMs -- would be exempt from risk retention requirements. Lenders making non-QRM loans would be required to retain a 5 percent stake in those loans, exposing them to risk if the loans default.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
Like a number of real estate industry groups, the Center for Responsible Lending is opposed to proposals to establish minimum down payment requirements for QRM loans.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
Although borrowers making less than the required down payment would still be able to obtain non-QRM mortgages, opponents say it would be more difficult for lenders to securitize those loans, and so borrowers would pay higher interest rates on them.
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