[Lancey Howard]

...homebuyers make a 20 percent down payment to qualify for low-interest mortgages... cap the amount of income that borrowers could devote to mortgage payments to no more than 28 percent of gross income. Worse, it would disqualify any borrower whose combined debt payments amounted to more than 36 percent of monthly gross income.

Wow.. This is EXACTLY the underwriting criteria routinely used prior to the 1990s. You know, back when sanity reigned? Before the build-up to disaster that was caused by the lax standards Chavez apparently wants to retain?

[chris_bdba]

No it was 10% down prior to 1990.My family has been in real estate sicn ethe late 1960’s nds 10% was the standard with more down you could get better rates but it was not required.

[chris_bdba]

No it was 10% down prior to 1990.My family has been in real estate sine the late 1960’s and 10% was the standard with more % down you could get better rates but it was not required.