Pam Patenaude is the president of the J. Ronald Terwilliger Foundation for Housing America's Families. Patenaude is also the former director of housing policy at the Bipartisan Policy Center. Patenaude served as HUD assistant secretary for Community, Planning and Development during the George W. Bush Administration. She brings more than twenty-five years of experience in housing, community economic development, real estate, and public policy.
The platforms of the two major political parties are a good barometer of the prevailing sentiments of the base of activists in each party. Public opinion polls, on the other hand, provide a broader measure of public attitudes, especially in regard to the nation's attitudes to housing.
With Christmas only days away, it’s time to fire off my “housing wish list” to the North Pole. I know from good sources that Santa and the elves are exceptionally fast workers, so it’s never too late, even when making requests on a subject as complex as our nation’s housing system.
Unless remedial action is taken, rising rents will continue to act as a barrier to homeownership for many families who will be unable to accumulate the funds necessary for a mortgage down payment. Here's why we can't sit around and do nothing about it.
The troubling conditions in housing should be a top-tier issue in the 2016 presidential campaign. Yet, so far this primary season, the word “housing” has barely passed the lips of the presidential candidates of either party. That needs to change and here's why.
The homeownership rate has dropped to the lowest point in 19 years, as families continue to reel from the collapse of the housing market. Looking ahead, tougher underwriting standards and new regulatory requirements are likely to put homeownership out of reach for many and make rental housing the only option.
It’s no secret that fear of put backs continues to have a dampening effect on the housing market. Despite recent efforts by the Federal Housing Finance Agency to put some boundaries around put-back risk, many mortgage originators remain skittish about lending to families with less-than-pristine credit.
A key question is whether a rigid reliance on credit scores, at the expense of meaningful underwriting of the borrower, is worth the price of diminished access to mortgage credit. Does this reliance make sense when the most risky and objectionable products (such as “no doc” loans and “interest-only ARMs”) have been effectively banned from the marketplace?
According to Verizon’s 2019 Data Breach Investigations Report, 10% of the 2,013 breaches that occurred in 2018 were within the financial industry. Personal data was compromised in 43% of those breaches, which were largely attributed to privilege misuse, errors or unsecure web applications.
Rising interest rates often cause homebuyers to think twice about moving forward with a mortgage. In April, mortgage applications fell more than 7% after 30-year fixed mortgage rates reached a high for the month.