June 08, 2011
Other Real Estate News
Downpayment Requirements Under Qualified Residential Mortgage (QRM)
The FDIC, among 6 federal regulators, are working on a proposed rule under the Dodd-Frank Act that requires all banks to carry 5% of their risk on their books unless the mortgage loan is a Qualified Residential Mortgage (QRM). The guidelines for a QRM are being determined now as the regulators work on a proposed rule. The most contentious portion of that rule is what percentage of a downpayment will be required under a QRM. Community Banks want 10%, Citi and Bank of America want 20-30% and Wells Fargo wants 30%. The general feeling right now is that 20% is the target number. NAR is gravely concerned about this proposed rule because it will make homeownership for only the rich. This requirement could take an average family 14 years to save enough money for a down payment. NAR is running a call-to-action on the QRM right now. If you have not participated, please take 5 minutes to click and send! It's easy and will make a big difference in your business!
High Cost FHA Loan Limits Expiring This Year
The FHA loan limits of $729,750 in high cost areas are also at risk this year. These loan limits are set to expire on September 30th, 2011. This is a tough battle with a tough road ahead. The FHA told Senator Bennet's office earlier this year that they don't beleive these loans will be extended. If they are not, loans across the nation, even in lower cost areas, will be automatically cut by 15%. In high cost areas, this could mean loan limits of $625,000.
Reform of Fannie Mae & Freddie Mac
With the collapse of the mortgage industry a few years ago, legislators are still reeling, and trying to determine what caused the collapse, and what needs work. Reform of the Government Sponsored Entities (GSE), Fannie Mae and Freddie Mac, are a top priority for Congress. Three options are being considered: completely privatizing Fannie and Freddie, keeping Fannie and Freddie just for times of economic crisis, or a comprehensive restructuring of Fannie Mae and Freddie Mac. NAR is supporting the third option, to keep and improve Fannie and Freddie. Without Fannie and Freddie, access to capital would be extremely limited. GSE reform will take 2-5 years to complete.
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