By James Ballentine, ABA’s executive vice president of congressional relations and political affairs
WASHINGTON, D.C. – November 19, 2015 – (RealEstateRama) — “We applaud members of the House for passing the Portfolio Lending and Mortgage Access Act, legislation introduced by Rep. Andy Barr that would expand access to mortgage credit by treating loans originated by a bank and held in portfolio as Qualified Mortgages. This important measure, which received bipartisan support, will help many creditworthy borrowers access safe, traditional credit that would otherwise be out of reach. It is also a major component of ABA’s Agenda for America’s Hometown Banks.
“It’s clear that new regulatory requirements have restrained mortgage lending, and have made it particularly difficult for some creditworthy borrowers to obtain a home loan. This legislation is a common-sense approach that will help borrowers gain access to some of the lowest risk mortgage products offered by banks. Loans held in portfolio are well underwritten and conservative by their very nature — banks hold only the safest loans in portfolio. There is no need to create additional barriers for creditworthy borrowers for loans held in a bank’s portfolio.
“We stand ready to work with members of the Senate as this important process moves forward.”
The American Bankers Association is the voice of the nation’s $16 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $12 trillion in deposits and extend more than $8 trillion in loans
ABA Media Contact: Jeff Sigmund
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