By Jann Swanson | Mortgage News Daily
David Stevens, president of the Mortgage Bankers Association (MBA), told an audience attending the association’s s annual convention in Las Vegas the rules for Qualified Residential Mortgages will be, as rumored, released on Wednesday. This rule, which was sent back to the drawing board two years ago after housing stakeholders complained it would shut down mortgage lending will, in this iteration, he said, be aligned with the Qualified Mortgage Rule and will not have steep down payment or strict debt-to-income requirements. He credited the industry and consumer groups for advocating on the issue.
Stevens pointed to other accomplishments MBA and other industry groups have made over the past year but said there is still a lot wrong with housing. Many people seem to have forgotten that housing is good for the economy. Homeownership helps families, communities, and the economy, but today it is being publicly devalued. At the same time housing is being pulled along by the economic recovery rather than fulfilling its historic role of doing the pulling
