20% down payment rule is too rigid, senators say

02/14/2013 | Hill, The

Regulators need to revise the proposed qualified-mortgage rules because they are "overly rigid" and will impede home ownership, say Sens. Kay Hagan, D-N.C., Mary Landrieu, D-La., and Johnny Isakson, R-Ga. They are asking regulators not to require a 20% down payment and instead to rely on a borrower's ability to repay the loan.

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Hill, The

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