If you think federal mandates are extreme that you must have a 20 percent down payment for a home, try 30 percent.
Needless to say, the policy would be reckless and potentially kill off a housing recovery. To learn more about the proposal, and a counter-proposal that makes more sense, read a report by the Coalition for Sensible Housing Policy, an entity that represents 51 organizations including the National Association of REALTORS®. The report gives a history of the Qualified Residential Mortgage Rule and the various proposals that have been floated.
The Illinois Association of REALTORS® will be filing a letter in support of the recommendations outlined in the white paper.You can express your opinion, too, through the government website set up to provide public comment. To read the full text of the rules proposal go here. To comment, go here.
The deadline to comment is Oct. 30.