Access to Mortgage Credit
Access to mortgage credit helps families build wealth and is vital to community prosperity. Woodstock Institute works to ensure that all communities can access sustainable, affordable mortgages.
Regulations will promote sustainable mortgages, protect new homebuyers and struggling homeowners
CHICAGO—New rules taking effect on January 10, 2014, will create a safer mortgage market with fewer tricks and traps, says Woodstock Institute. The Consumer Financial Protection Bureau (CFPB) is implementing rules that require mortgage lenders to ensure that borrowers can reasonably repay their loans, provide protections for borrowers who fall behind on their mortgages, and help current homeowners stay abreast of the status of their mortgages.
Watt brings experience and fresh ideas to Fannie Mae and Freddie Mac regulator
I recently read an eye-opening book entitled “Scarcity: Why Having So Little Matters So Much,” by Sendhil Mullainathan and Eldar Shafir. It’s about how scarcity of time, money, food, and sleep affects our brains, creating a tunnel vision.
Ten mortgages to African Americans in 2012. Zero bank branches in low-income communities or communities of color. And below-peer-level lending to low-income communities in all of its assessment areas.
In 2011, the federal banking regulators released rules defining a “Qualified Residential Mortgage (QRM).” The definition of a QRM matters to the communities we serve because it will substantially affect how affordable mortgages will be.
How can organizations from different sectors overcome barriers and collaborate to promote a housing market recovery and revitalize communities?
Integrated, diverse communities benefit everyone, but segregation and concentrated poverty still plague municipalities across the country. That’s why it continues to be important to have federal rules that require localities that receive federal funding to affirmatively further fair housing goals.
Diverse and integrated communities benefit all of us, and it’s critical that fair housing goals are reinforced by the federal government.
In the early 1970s, Aaron and Sylvia Scheinfeld were unhappy with the state of things in the Chicago region. Redlining, predatory lending, and inequality plagued the area.
On the surface, the Consumer Mortgage Choice Act (HR.1077/S.949) sounds like legislation that would be good for consumers. In actuality, it poses some serious threats to mortgage protections recently put in place by the Consumer Financial Protection Bureau (CFPB).
While some headlines claim that the housing market is recovering, we know that too many homeowners have not.