A new federal rule will make borrowing for a home more expensive for those with high credit scores to subsidize loans to higher-risk borrowers.
Economic experts Jason Furman and Kevin Hassett weigh in on responding to record-high inflation on 'Special Report.'rule is set to take effect that will force good-credit home buyers to pay more for their mortgages to subsidize loans to higher-risk borrowers.
"The changes do not make sense. Penalizing borrowers with larger down payments and credit scores will not go over well," Ian Wright, a senior loan officer at Bay Equity Home Loans, told the Times."It overcomplicates things for consumers during a process that can already feel overwhelming with the amount of paperwork, jargon, etc. Confusing the borrower is never a good thing."
"This confusing approach won’t work and more importantly couldn’t come at a worse time for an industry struggling to get back on its feet after these past 12 months," David Stevens, a former commissioner of the Federal Housing Administration during the Obama administration, wrote in a social media post responding to the new rules."To do this at the onset of the spring market is almost offensive to the market, consumers, and lenders.
The rules come as the housing market has struggled in the wake of multiple interest rate increases by the Federal Reserve.Federal Housing Finance Agency Director Sandra Thompson said the new rules are designed to"increase pricing support for purchase borrowers limited by income or by wealth" and comes with"minimal" fee changes.
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