It’s an election year, and housing affordability appears to be a big concern for voters. So, it’s not surprising to see the administration and members of Congress announcing big ticket legislative initiatives to boost homeownership – like a 1st time homebuyer tax credit and the Neighborhood Investment Act to fix up older homes.
The Community Home Lenders of America (CHLA) applauds these initiatives. With the Fed gone AWOL on purchasing mortgage loans, mortgage rates have doubled and spreads over 10-year Treasuries are at historical highs. The American homebuyer needs help.
But it’s time for a reality check. Congress is gridlocked, so details ⇒
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