Defending Access To Homeownership

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by Carmen Mercado

June is National Homeownership Month, a time reserved for honoring the symbol of stability for working families. This year, however, celebrations have been traded for defensive strategies as housing industry partners mobilize to defend broad access to homeownership now threatened by regulator rulemaking.

The proposed QRM risk retention rule now up for debate would require prospective borrowers to present a 20 percent down payment, spend less than 28 percent of their monthly gross income on housing and have total household debt capped at 26 percent.

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