Tuesday, March 23, 2021 4:09:50 PM
Tues Mar 23, 2021 - dhollier@imfpub.com
The mortgage industry has intensified its criticism of the new loan volume restrictions that were imposed in January when Treasury and the Federal Housing Finance Agency amended the preferred stock purchase agreements.
On Monday, both the Community Home Lenders Association and the Mortgage Bankers Association sent letters to Treasury Secretary Janet Yellen and FHFA Director Mark Calabria to lodge their complaints.
The CHLA letter asked that the new restrictions on Fannie Mae and Freddie Mac lending be suspended pending a complete review of their potential impact on access to mortgage credit. Among the concerns raised by CHLA was the possibility new caps on “higher risk” loans will have a disproportionate impact on minorities and low- and moderate-income borrowers.
Like CHLA, MBA noted that the market has already tightened in response to the caps, imposing loan-level price adjustments on these loans. If similar restrictions are implemented on higher-risk loans, first-time homebuyers and low-income families will suffer.
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