lending: Coventional Financing Threatened by Big Bank
- 02/14/11 04:36 AM
Conventional Financing Threatened By Big Bank Q R M Qualified Residential Mortgage .This proposal states that lenders need to keep some skin in the transaction. That is the purpose behind the bill's "qualified residential mortgage" rule. It says that lenders have to hold five percent of the risk for two years. It is hoped that they would then respond by not making unsustainable loans. This means that on a $200,000 mortgage, the bank would be required to keep $10,000.00 in a reserve account just in case the loan faults. Besides that, the purchaser will have to come up with a $60,000 down payment. … (0 comments)
Conventional Financing Threatened By Big Bank
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