Jan 152015
 

For some time, mortgage interest rates have been at all-time lows. However, many Americans have been unable to take advantage of this “once in a lifetime” opportunity to refinance their home loan. Tighter loan requirements, lower appraised home values, and the slow economy have all conspired with reluctant lenders to cause widespread frustration, if not panic, among many home-owners. Critics have said that banks are resisting the requests of borrowers who need to replace older high-interest loans with newer, less costly ones. Most believe that if banks had immediately passed on to homeowners the ultra-low interest rates they were receiving from the Fed, the Great Recession would not have been nearly so great.

Pending Legislation:

S.249 or H.R.736 – Responsible Homeowner Refinancing Act of 2013 (113th Congress 2013-2014)

I oppose reforming current homeowner mortgage refinancing policy

I support efforts to assist homeowners to refinance their mortgages including requiring Fannie Mae and Freddie Mac to adopt specified criteria pertaining to borrower eligibility, representations and warranties, prohibition on up-front fees, alternative streamlined methods to determine the value of a property, the purchase or guarantee of any new mortgage resulting from the refinancing of an eligible mortgage, to guarantee fees, and wish to identify a legislator who will either reintroduce S.249 or H.R.736 – Responsible Homeowner Refinancing Act of 2013 (113th Congress 2013-2014), or a similar version thereof

 Posted by at 12:00 am
Jan 152015
 

In light of the recent financial crisis which decimated our housing market, there have been calls to revamp our mortgage finance system. Currently, the mortgage giants Fannie Mae and Freddie Mac process the majority of our nation’s home loans. Many wish to dissolve these corporations to insure their reckless lending policies, and the resulting taxpayer bailouts, are not repeated. They suggest building a new housing finance system that will provide secure home ownership for responsible middle class families and those striving to join them. This new entity, the Federal Mortgage Insurance Corporation (FMIC), would provide government insurance for mortgages just as the Federal Deposit Insurance Corporation (FDIC) does for savings accounts. Advocates say the FMIC would be prohibited from taking the risks which helped cause our catastrophic housing crisis. They also claim it would spur investment in the rental housing market.

Pending Legislation:
S.1217 – Housing Finance Reform and Taxpayer Protection Act of 2013 (113th Congress 2013-2014)

I oppose reforming current home foreclosure policy and wish to defeat H.R.190 and H.R. 1397

I support either reintroducing S.1217 – Housing Finance Reform and Taxpayer Protection Act of 2013 (113th Congress 2013-2014), or a similar version thereof.

 Posted by at 12:00 am
Jan 152015
 

The Consumer Financial Protection Bureau (CFPB) has enacted a rule which applies to both mortgage lenders and borrowers. Called the “Qualified Mortgage Rule,” it limits both the amount of debt a consumer may carry and the amount of points a lender may charge. Among other things, it also prohibits interest-only and negative amortized loans, and requires lenders to verify all loan application information. In some ways however, this new rule has made it more difficult for home buyers to qualify for a loan. It has been reported that the U.S. home ownership rate is now at a 19 year low due to tight credit and rising home prices. The recent housing market rebound is leaving behind many first-time home buyers, many who are laden with student loans and incomes which are lower than previous generations. It has long been difficult to qualify for home mortgages in small or rural communities. This is because some properties may not be considered residential enough, or may be considered a mixed-use property, or may have problems with appraisal comps.

Pending Legislation:
H.R.858 – Rural Housing Preservation Act of 2013 (113th Congress 2013-2014)

I oppose reforming current home lending policy

I support assisting borrowers in rural communities experiencing a serious lack of mortgage credit for lower and moderate-income families, and wish to identify a legislator who will either reintroduce H.R.858 – Rural Housing Preservation Act of 2013 (113th Congress 2013-2014), or a similar version thereof

 Posted by at 12:00 am