Posted To: MND NewsWire
The voice of mortgage originators and housing professionals was broadcast loud and clear by Federal Reserve Governor Elizabeth Duke today. Speaking at the Mortgage Foreclosure Policy Conference in Chicago today, Duke's prepared speech, Envisioning a Future for Housing Finance , called attention to overtightened mortgage underwriting standards and pointed out the effects it was having on the housing recovery. "Even taking into account the excesses of the bubble period, it appears that lenders have tightened underwriting terms so much that the lack of credit availability is at least partially an impediment to homeownership," said Duke. Duke highlighted the lack of available lending products: "The scarcity of available mortgage lending at present–especially the lack of relatively…(read more)