Minorities and the working class may find it harder to buy homes under a U.S. plan that would require larger down payments to qualify for lower-cost mortgages, according to lenders, consumer groups and lawmakers.
Congress should give the Federal Housing Administration more power to adjust fees and recoup losses on bad loans, Commissioner David Stevens said.
Loans guaranteed by the Federal Housing Administration, the U.S.-owned mortgage insurer, may be involved in more home-purchase transactions than borrowing financed by Fannie Mae and Freddie Mac.
"My greatest concern is that the CFPB policy makers not be overly defensive about the rule they created as if it were perfect."
- David Stevens on Jan 12, 2015
MBA’s Stevens Not Seeing Home Buyers on `Low End’ (Audio)