FundMyRemodel.com

http://renovationlendinginstitute.com/

• Federal regulators were criticized for overstepping their authority and ignoring the intent of Congress in proposing the “20% down” rule
• Banks that package mortgages and other assets would be required to hold 5% of the credit risk on their balance sheets
• Rep. Scott Garrett (R., N.J.) said regulators should NOT exempt Fannie Mae and Freddie Mac from rules
• The risk-retention rules will contain several exemptions for mortgages
• Consumer groups and lenders complain that 20% down payment exemption is too strict
• Loan-To-Value (LTV) ratios above 80% and with other safeguards will allow QRM definition to produce higher qualify loans
• A 10% down requirement, allowing for mortgage insurance, lower debt ratios, and other safeguards are being considered

For more:  http://www.automatedtrader.net/real-time-dow-jones/56553/us-lawmakers-say-regulators-went-too-far-on-lending-rule