Obama administration drives a stake through the heart of the American dream

[^_^ 5,021]

Banking regulators are pushing for mortgage-lending rules that require homeowners to make minimum 20% down payments on loans classified as lower-risk, according to people familiar with the matter.

...

The Dodd-Frank financial overhaul law enacted last year enabled regulators to define a so-called gold-standard residential mortgage that would be exempt from costly new rules.

At least three agencies—the Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency—back a proposal to require home buyers to put down at least 20% of the sales price in order to obtain one of these "qualified residential mortgages."

...

Some lawmakers expressed concerns that the new rules might make it too hard for homeowners to qualify for less risky, and less costly, loans.

http://online.wsj.com/article/SB10001424052748703409904576175050116997530.html

[I AM NOT THAT GUY 5,715]

20% down is a good idea. One benefit for the new buyer is that it will keep home prices down, and limit speculation. Less speculation, and that should drive down rents, and lessen the desire to buy. Good all around.

[^_^ 5,021]

20% down is a good idea. One benefit for the new buyer is that it will keep home prices down, and limit speculation. Less speculation, and that should drive down rents, and lessen the desire to buy. Good all around.

I disagree. Obama is the Antichrist.

[I AM NOT THAT GUY 5,715]

I disagree. Obama is the Antichrist.

You are becoming a capitalist. Come across the aisle, enjoy the non-alcoholic beverages, and the gayness.

[Usui Takumi 1,562]

20% down is a good idea. One benefit for the new buyer is that it will keep home prices down, and limit speculation. Less speculation, and that should drive down rents, and lessen the desire to buy. Good all around.

Hmm, won't this increase the number of renters at the end of the day? Not that I disagree with it. I suppose for the average american it could simply delay home ownership.

Edited March 3, 2011 by Sousuke

[^_^ 5,021]

Not that I disagree with it.

You should. This is being driven by Obama's anti-colonialism and satan worship.

[Usui Takumi 1,562]

You should. This is being driven by Obama's anti-colonialism and satan worship.

God save the Queen

[Ban Hammer 13,484]

20% down is a good idea. One benefit for the new buyer is that it will keep home prices down, and limit speculation. Less speculation, and that should drive down rents, and lessen the desire to buy. Good all around.

agreed.

[luckytxn 2,265]

Banking regulators are pushing for mortgage-lending rules that require homeowners to make minimum 20% down payments on loans classified as lower-risk, according to people familiar with the matter.

...

The Dodd-Frank financial overhaul law enacted last year enabled regulators to define a so-called gold-standard residential mortgage that would be exempt from costly new rules.

At least three agencies—the Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency—back a proposal to require home buyers to put down at least 20% of the sales price in order to obtain one of these "qualified residential mortgages."

...

Some lawmakers expressed concerns that the new rules might make it too hard for homeowners to qualify for less risky, and less costly, loans.

http://online.wsj.co...0116997530.html

AJ. You seem kind of busy here today. Are you OK? You have something you trying to tell us but we are not getting?

[mawilson 2,133]

20 percent down is awesome.

[Dakine10 5,452]

Banking regulators are pushing for mortgage-lending rules that require homeowners to make minimum 20% down payments on loans classified as lower-risk, according to people familiar with the matter.

I think what we are seeing is that the people who actually made all the money off of the housing bubble have finally realized there is nothing left to be squeezed out of it. Hence, the push for regulation that actually makes fiscal sense. Too bad it's about 10 years too late.

[Mr. Big Dog 10,747]

This surely will do wonders to depress demand on an already over-supplied housing market. Read: Home prices will come down even more and defaults will become ever more massive. While I agree that the 20% down requirement makes sense, going from where we were and still are to that point will not help the still fragile economic recovery the lackluster housing market being one of the main drags on it today. So we're gonna make it drag more - good call.

[^_^ 5,021]

20 percent down is awesome.

Yeah, if you're a Kenyan anti-colonial Satanist.