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Monday, May 1, 2017

Rep. Barr Introduces Bill to Expand Mortgage Access

Rep. Andy Barr (R-Ky.) has introduced the Portfolio Lending and Mortgage Access Act (H.R. 2226). The bill would expand access to mortgage credit by treating loans originated by a bank and held in portfolio as Qualified Mortgages. The measure received bipartisan support in the last Congress.

ABA EVP James Ballentine said:
It’s clear that regulatory requirements have restrained mortgage lending, and have made it particularly difficult for some creditworthy borrowers to obtain a home loan. This legislation is a common-sense approach that will help borrowers gain access to some of the lowest risk mortgage products offered by banks. Loans held in portfolio are well underwritten and conservative by their very nature. There is no need to create additional barriers for creditworthy borrowers for loans held in a bank’s portfolio.

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