In case anyone has not seen these yet here is a copy of the bipartisan letter that spoke to regulators about the effects of QRM and the housing industry. There has been some serious railing on the NAR over how they are handling the upcoming QRM regulations. It's not just the 20% down issue that is the problem. They know this. From my own personal experience and I have had a few over the last 2 month when speaking with the lobbyist's from the NAR they are concerned about this whole package and this is not the only piece of regulation coming. There are more. A lot of them don't connect with the last regulation which will cause confusion and a tightening of credit. I am trying not to sound like a zealot here but there is a BIG picture that needs to be looked at and the 20% down is one small part of this.
The signitures are possibly your reprsentatives activily trying to help our industry by having the regulation but not the way it is written now. If you would like to see the policy being debated over on QRM please go to http://www.regulations.gov/#!submitComment;D=OCC-2011-0002-0001 . It is there in it's entirety and while there are good things about it there are also something that are just to restrictive for the housing markets right now.
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