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Volume 14 - Number 12

June 13, 2014

Bill Would Mandate FHFA Deny Credits to Anti-Affordable Housing

Rep. Carolyn B. Maloney, D-NY, last week reintroduced legislation that would “sharply curtail” the ability of Fannie Mae and Freddie Mac to invest in future transactions that reduce the availability of affordable housing both in New York and nationwide. Maloney’s legislation, the Responsible GSE Affordable Housing Investment Act of 2014, initially introduced in 2010, would require the Federal Housing Finance Agency to deny affordable housing goals credits when a project’s debt is disproportionate to its income.

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With rates higher this year, there has been talk of lenders liberalizing their underwriting standards in an effort to increase volume and make up for lower refis.

Do you think your shop will loosen standards over the coming three months?

Yes, but not by much.
Yes, by a lot.
Yes and, heck, we may even do non-QM lending.
No, not at all.
No and we may even tighten credit.

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