A Quote by Jerome Powell
We need a system that provides mortgage credit in good times and bad to a broad range of creditworthy borrowers.
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Banks need to continue to lend to creditworthy borrowers to earn a profit and remain strong.
Because the American credit reporting system relies on both good and bad reports of creditworthiness, a consumer must have some kind of credit - not just the absence of bad credit.
Take the whole range of imaginative literature, and we are all wholesale borrowers. In every matter that relates to invention, to use, or beauty or form, we are borrowers.
We need to have as broad a range as possible, because life itself has that kind of range.
Many politicians and pundits claim that the credit crunch and high mortgage foreclosure rate is an example of market failure and want government to step in to bail out creditors and borrowers at the expense of taxpayers who prudently managed their affairs. These financial problems are not market failures but government failure. ... The credit crunch and foreclosure problems are failures of government policy.
Governments are necessarily continuing concerns. They have to keep going in good times and in bad. They therefore need a wide margin of safety. If taxes and debt are made all the people can bear when times are good, there will be certain disaster when times are bad.
Our immigration system is a broken system that needs to be fixed. We need reform that provides hardworking people of good character with a real path towards citizenship.
Not just the jobs building the infrastructure, but you need to have a good highway system. You need to have a good bridge system, a good pipeline system, a good canal and waterway system for economic growth to occur, for a modern economy to succeed.
Lenders look at potential borrowers from many angles before extending credit: How much of its income will a household need to put into debt repayment? How large is the down payment? Does the borrower have a job with a stable income? What is the borrower's credit score?
Until a legislative solution to the nation's outdated immigration system becomes a priority for Congress, the right administration will need to examine a broad range of executive actions to enact immediately in the face of a 'Do Nothing Congress.'
The average credit score of today's FHA borrowers is higher than the average American household with a score. As it becomes more costly and difficult to get a FHA loan, loans from private mortgage lenders will become more attractive and their market share will grow.
Bad debt is debt that makes you poorer. I count the mortgage on my home as bad debt, because I'm the one paying on it. Other forms of bad debt are car payments, credit card balances, or other consumer loans.
More than a quarter of mortgage borrowers are underwater, and 11 percent of all homes are vacant.
You can design a mortgage system that is different without a Fannie and Freddie, but there are principles you have to have, to have a good system.
Cash from a reverse mortgage can be paid out in several ways, including a lump sum, a monthly payment, a line of credit, or a combination of those. If you do not need money right away, it is usually a bad idea to take all the money upfront, since it starts accumulating interest charges immediately.
Too-easy credit and millions of bad loans made during the U.S. housing bubble paved the way for the financial calamity and Great Recession that followed. Today, by contrast, credit is too tight. Mortgage loans are particularly hard to get, creating a problem for the housing market and the broader economy.
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