Home Mortgages

Home Mortgages

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H.R. 3915 (2007), a bill introduced, but not enacted by the 110th Congress, was intended to reform mortgage lending practices to prevent a recurrence of problems in the mortgage market, particularly in the nonprime market segment. The bill would have set minimum standards for all mortgages (e.g., reasonable ability to repay) and created a qsafe harborq for loans that met certain requirements. This report discusses: (1) the proportions of recent nonprime loans that likely would have met and not met the bill's safe harbor requirements and factors influencing the performance of these loans; and (2) relevant research and the views of mortgage industry stakeholders concerning the potential impact of key provisions of the bill on the availability of mortgage credit.The market for nonprime mortgages contracted sharply in mid-2007, as the nation entered a credit crisis and has not ... 1The conventional mortgage market ( i.e., mortgages not insured or guaranteed by the federal government) comprises prime ... The Alt-A market generally serves borrowers whose credit histories are close to prime, but the loans often have one or more higher-risk features, such as limitedanbsp;...

Title:Home Mortgages
Author: William B. Shear
Publisher:DIANE Publishing - 2009-12

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