Tulsa, OK. Home for SaleMore Lawmakers Fight 20% Down PaymentTo read the original article in Realtor Magazine, "More Lawmakers Fight 20% Down Payment", visit the link.
A proposed 20 percent down payment rule for qualified residential mortgages is too high, argues a growing group of lawmakers in the House of Representatives.
Late last week, about 240 lawmakers in the House sent a second letter to federal regulators urging them to lower the down payment rule on QRMs. Last month, about 150 lawmakers had signed a letter urging the same.
"The resultant reduction in demand for housing, due to an overly burdensome government dictate, would only add to the challenges the housing market faces, and could threaten a full-fledged economic recovery from years to come," the most recent letter reads.
The 20 percent down payment rule arises from an effort of several federal agencies that have been trying to urge more responsible lending and borrowing. The agencies created a proposed risk-retention regulation under the Dodd-Frank Wall Street reform law, which requires lenders that securitize mortgage loans to retain 5 percent of the credit risk unless the mortgage is considered a safe mortgage or a “qualified residential mortgage.” (FHA and VA mortgages would be exempt.)
QRMs would be exempt from the 5 percent credit requirement but would have to meet certain guidelines, such as the proposed 20 percent down payment requirement. Borrowers with less than 20 percent down could then be forced to pay higher fees and interest rates.
A 20 percent down payment requirement would cause more first-time buyers to flee from the already fragile housing market, analysts at Capital Economics say.
The National Association of REALTORS® also has been an outspoken critic of the proposal, saying that a 20 percent down payment requirement would jeopardize a housing recovery.
Source: “More Lawmakers Join Major Push to Reduce QRM Down Payment,” HousingWire (June 20, 2011)
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The inventory of for-sale homes grew in May by 3.5 percent, which marks the biggest monthly increase of the year, according to the latest housing data from Realtor.com. However, overall inventories dropped 14.3 percent compared to a year ago at this time.
Median asking prices for homes were down last month, falling 1.6 percent which follows two months of increases, the data shows.
Some of the largest declines were seen in Chicago and Tampa, Fla, where asking prices were down 5.7 percent from April, and in Phoenix prices were down 5.4 percent.
Listing prices increased in only 10 of the 146 markets tracked by Realtor.com. Denver and Washington, D.C., posted some of the largest listing price increases.
The National Association of REALTORS® will release next week its report on sales and inventory of existing homes.
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• "Homeownership and a retirement savings program are considered by voters to be their best investments."
• "80 percent of home owners would advise a close friend or family member just starting out to buy a home."
• "Saving for a downpayment and closing costs is the biggest barrier to homeownership."
• "Americans believe that owning their own home is as important as being successful at their job or being able to pay for a family member’s education."
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Seventy-five percent of Americans say that “owning a home is the best long-term investment they can make and is worth the risk of ups and downs in the housing market,” according to a new survey of 2,000 bipartisan voters by the National Association of Home Builders.
Despite their situation — whether underwater on their home or even renters — the survey found Americans to be optimistic about home ownership. Eighty-one percent of those who own their homes outright, 76 percent with mortgages, 67 percent of renters, and 65 percent who have underwater mortgages cited home ownership as the “best long-term investment.”
When survey respondents were asked whether they’d recommend buying a home to a friend or family member just starting out, 80 percent of Americans said “yes.” Even home owners currently underwater — those who owe more on their mortgage than their home is currently worth — overwhelmingly (78 percent) said they would recommend home ownership to family or friends starting out.
More buyers are coming up through the pipeline too. The survey found that 73 percent of those surveyed who do not own a home said their goal is eventually to buy one.
The NAHB survey also found:
▪ 58 percent of Americans oppose eliminating the mortgage-interest deduction and 63 percent oppose lowering it. What’s more, 57 percent of those surveyed say they are less likely to support a candidate for Congress who wanted to eliminate the mortgage-interest deduction.
▪ Respondents were split on about requiring a 20 percent down payment to purchase a home: 49 percent were in favor and 49 percent opposed it. However, mortgage holders and renters aged 18 to 54 were more opposed to it: 58 percent of younger mortgage holders and 59 percent of younger renters opposed adding a 20 percent down payment requirement.
Source: “The Cook Report: The Home Front,” National Journal (June 2, 2011)
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