Urban Institute: Qualified Mortgage impact overblown

Urban Institute: Qualified Mortgage impact overblown

New rules have only slightly slowed mortgage lending

WATCH: Former Wells Fargo CEO calls BofA fine “extortion”

Kovacevich says fine is political and has “nothing to do with justice”

BofA reaches $16.65B settlement over "toxic waste" mortgages

Loans date back to Countrywide and Merrill Lynch
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A questionable plan to aid underwater homeowners

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The U.S. economy can't truly recover until the housing market revives. Yet recent data indicate that prices, already off an average of 30 percent from their peak in 2006, have still not touched bottom. Lending conditions are tight, and mortgage rates are ticking up again. Nearly a quarter of mortgage borrowers are "underwater," owing more than their houses are worth. Massive federal assistance - $1 trillion in Federal Reserve mortgage-bond purchases; dramatic expansion of Federal Housing Administration (FHA) loans; an Obama administration push to modify existing home loans - has slowed the collapse but not, apparently, ended it.

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