WASHINGTON – May 11, 2011 – The pendulum on mortgage credit has swung too far in the other direction after the recent housing downturn, says a panel of industry experts. Tighter standards are putting an unnecessary burden on creditworthy consumers, impeding the economic and housing market recoveries.
The panel addressed several thousand Realtors® gathered at a symposium, “Ensuring Mortgage Availability for Creditworthy Homebuyers,” during the Realtors 2011 Midyear Legislative Meetings & Trade Expo in Washington, D.C., this week.
“As the leading advocate for homeownership, the National Association of Realtors (NAR) believes that we cannot have a viable housing or economic recovery until creditworthy homebuyers are able to obtain mortgage financing,” said NAR President Ron Phipps. “Reforms were needed to get rid of the harmful products that led to the housing meltdown, but continuing to curtail access to affordable credit for qualified home buyers affects the entire economy.”
Panelists offered their perspectives on the current state of the industry and identified challenges.
David H. Stevens – former assistant secretary of the U.S. Department of Housing and Urban Development, former Federal Housing Administration commissioner and incoming president and chief executive officer for the Mortgage Bankers Association of America – told attendees the entire financial industry made bad decisions regarding risky loan products, and there is no doubt that reforms are needed to get back to a level of sustainable access where qualified consumers are able to achieve homeownership.
According to the 2011 NAR Member Profile, 34 percent of Realtors say that the most important factor in limiting their clients’ ability to buy a home was difficulty in obtaining a mortgage.
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Lend More at
http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=4&id=259862
The panel addressed several thousand Realtors® gathered at a symposium, “Ensuring Mortgage Availability for Creditworthy Homebuyers,” during the Realtors 2011 Midyear Legislative Meetings & Trade Expo in Washington, D.C., this week.
“As the leading advocate for homeownership, the National Association of Realtors (NAR) believes that we cannot have a viable housing or economic recovery until creditworthy homebuyers are able to obtain mortgage financing,” said NAR President Ron Phipps. “Reforms were needed to get rid of the harmful products that led to the housing meltdown, but continuing to curtail access to affordable credit for qualified home buyers affects the entire economy.”
Panelists offered their perspectives on the current state of the industry and identified challenges.
David H. Stevens – former assistant secretary of the U.S. Department of Housing and Urban Development, former Federal Housing Administration commissioner and incoming president and chief executive officer for the Mortgage Bankers Association of America – told attendees the entire financial industry made bad decisions regarding risky loan products, and there is no doubt that reforms are needed to get back to a level of sustainable access where qualified consumers are able to achieve homeownership.
According to the 2011 NAR Member Profile, 34 percent of Realtors say that the most important factor in limiting their clients’ ability to buy a home was difficulty in obtaining a mortgage.
=========================
Lend More at
http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=4&id=259862
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