For years, I have been
saying that As Housing goes……..so goes the Economy.
Why were housing issues
neglected especially with homeowners suffering with
the housing collapse? Underwater
homeowners, tight credit availability, and
foreclosures
Issues that will be
reviewed by our elected officials:
Refinancing
(1) Streamlining refinancing
of Fannie Mae and Freddie Mac borrowers.
(2) Helping homeowners
lower their monthly mortgage payments despite being underwater.
Regulatory
(1) The Qualified Mortgage
(QM) rule allows a borrower to sue if a
court deems the borrower did not have the ability to repay the loan
(2) The Qualified
Residential Mortgage (QRM) rule
requires lenders to have a capital stake in some loans
(3) Basel III will mandate
how much capital banks have to keep on hand for all their mortgage-related
business.
Obama’s second term
could include:
·
Eliminating the mortgage interest deduction
·
Providing Principal reduction of loans backed by the government
·
Affordable
housing policies taking the forefront of housing issues
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