Unfortunately any predictions made by anyone in Government have never been close and the predictions being made by the CFPB are no better. Just like all the numbers and promises that have been made regarding the Affordable Care Act. Are their predictions or number anywhere close?
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I closed a conventional mortgage today that would be a problem after January 10th. The purchase price was $280,000 and the mortgage was $165,000. That all sounds wonderful, the debt ratio was 50.9%, after the 10th the maximum debt ratio can’t exceed 43%. Someone other than a government employee will have to explain to me why a lender has any risk of default when someone puts 40% down?
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I can assure you that other loan products will come online that will kill to do this mortgage, but the rates will be higher. I would truly like to understand how these guidelines are being set up to protect the consumer?
