On May 8, 2013, NAR Immediate Past President Moe Veissi testified at a Consumer Financial Protection Bureau field hearing on the impact that growing student debt will have on the ability of consumers to access mortgage credit, particularly first time homebuyers. Mr. Veissi reiterated that rising debt and pending mortgage finance regulations will contribute to an already tight lending environment. The bottom line is:
- Americans burdened with growing monthly debt payments will have restricted access to mortgage credit under the QM rule.
- Consumers unable to save… Read More