Regulators Dump Down Payment Requirement

Federal regulators have finally given bankers something to cheer about.

After sending bankers a train load of new regulations in the rule writing that followed the 2010 passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, government officials in late October lifted a down payment requirement that had been proposed as a key component of so-called “Qualified Residential Mortgages.”

Frank Keating, president and CEO of the American Bankers Association, hailed elimination of the down payment rule as a way “to ensure that the largest number of credit-worthy borrowers are able to access safe, quality loan products at competitive prices.”

Borrowers had been faced with having to put down up to 20 percent of a home’s purchase price, a requirement regulators had seen as necessary to ensure loans sold on the secondary markets do not turn toxic as the ones sold in the banking and real estate crisis of the last decade did.

via Regulators dump down payment requirement from new Qualified Mortgage rules – Mississippi Business JournalMississippi Business Journal.

BIZCATALYST 360°
BIZCATALYST 360°https://www.bizcatalyst360.com/about/
We are an Award-Winning lifestyle, culture, and business new media digest, serving as the global hub for enhanced performance and well-being. With an emphasis on action, our 500+ international contributors empower people to transition from knowing what to do to actually doing it. All of this complemented by syndication relationships with a choice group of equally innovative media outlets. Today and every day, we simply deliver the very best insights, intelligence, and inspiration available anywhere. And we do it our way, placing our writers and our audience at the forefront. It's timeless. It's evergreen. It's simply good stuff. Period. More About BC360°
Please Login to comment
avatar
  Subscribe  
Notify of

JUST ONE CLICK HERE TO GET YOUR DAILY DOSE

REDISCOVER HUMANITY

"Human beings have an innate inner drive to be autonomous, self-determined, and connected to one another. And when that drive is liberated, people achieve more and live richer lives."

SHARE YOUR JOURNEY

Powerful voices from around the globe that speak to our shared human experience. Add your story to our best-selling book series!

JUST 1 CLICK

IS ALL IT TAKES TO LEARN SOMETHING NEW TODAY

Must Read

JUST 1 CLICK

IS ALL IT TAKES TO BEGIN ENJOYING OUR PODCASTS

JUST 1 CLICK

IS ALL IT TAKES TO EXPLORE OUR INSPIRING GLOBAL COMMUNITIES