WASHINGTON - Congressman Spencer Bachus (AL-6) spoke today about the importance of ensuring that mortgage loans remain available to prospective homeowners. Bachus made his remarks during a House Financial Services subcommittee hearing on federal regulations that are making it harder for consumers to get affordable home financing. Congressman Bachus said while lax underwriting standards that contributed to the financial crisis of 2008 must be avoided, new regulations are veering to the opposite extreme and could deny consumers, especially those with lower incomes, the opportunity to get financing to buy a home. "It is often said that the American Dream is homeownership, and I would add to that having a job. Getting a job and owning a home are the first steps on the economic ladder for many people. Making mortgage credit scarcer through a 'one size fits all' regulatory policy will negatively affect the very people it allegedly purports to help. Regulators must be careful about overreach that denies financial opportunity," said Congressman Bachus. At the hearing, there was bipartisan concern expressed about the impact that the Consumer Financial Protection Bureau's Qualified Mortgage (QM) rule and credit restriction provisions arising from the Dodd-Frank financial regulatory law are having on people trying to purchase houses. The President and Chief Executive Officer of Habitat for Humanity of Charlotte, North Carolina , Frank Spencer , said the rules are putting at risk housing projects for families that his nonprofit organization is involved with. Bachus is Chairman Emeritus of the Financial Services Committee. To view an excerpt from committee remarks made by Congressman Bachus, go to: http://www.youtube.com/watch?v=GColE98WCh4&feature=youtu.be' . Read this original document at: http://bachus.house.gov/latest-press-releases/bachus-speaks-about-importance-of-home-financing/
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