Washington, DC – October 23, 2014 – (RealEstateRama) — Today, in reaction to the adoption of a final credit risk retention rule by federal regulators, NCRC President and CEO John Taylor made the following statement:
“We are pleased that regulators have aligned the definition of a Qualified Residential Mortgage with the definition of a Qualified Mortgage, and that the final rule does not include the previously proposed 20% down payment requirement and credit score criteria for borrowers. Those requirements would have needlessly excluded creditworthy borrowers from the mortgage market. The final rule will help to ensure safe and sound lending and prevent unsustainable, risky loans.”
About the National Community Reinvestment Coalition (NCRC):
The National Community Reinvestment Coalition is an association of more than 600 community-based organizations that promote access to basic banking services, including credit and savings, to create and sustain affordable housing, job development, and vibrant communities for America’s working families.