Mortgage Insurers Get a Lift From Washington

The outlook for U.S. housing is improving, despite policy risk from Washington. Lawmakers and regulators, for all of their rhetoric, have done little more than tighten mortgage credit, most notably by enacting the Dodd-Frank Act's "ability to repay" (ATR) and "skin in the game" mandates.  And they've kept their focus on refinancing for way too long, rather than on the resuscitation of home purchases.

As was discussed during a House hearing on Wednesday morning, lenders' concerns about "putback" risks, or being forced to repurchase loans that were sold to the federal housing agencies, have led them to require credit overlays even on federally guaranteed Federal Housing Administration loans. Along with upfront fees for refinancing Fannie and Freddie loans, this has priced many first-time homeowners out of the market....834 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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