REALTORS®, homebuilders Agree: Arbitrarily high down payments will hurt economy

It would unfairly and unnecessarily close the door to home ownership for many middle-class families.


Center for Responsible Lending
March 18, 2011

REALTORS®, Homebuilders, consumer groups urge federal regulators to avoid arbitrarily high mortgage down payments, which would hurt the economy by unfairly and unnecessarily closing the door to home ownership for many middle-class families. http://www.responsiblelending.org/mortgage-lending/policy-legislation/regulators/joint-letter-to-regulators-1.html

For more information: Kathleen Day at (202) 349-1871 or kathleen.day@responsiblelending.org; Ginna Green at (510) 379-5513 or ginna.green@responsiblelending.org; or Charlene Crowell at (919) 313-8523 or charlene.crowell@responsiblelending.org.

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About the Center for Responsible Lending

The Center for Responsible Lending is a nonprofit, nonpartisan research and policy organization dedicated to protecting homeownership and family wealth by working to eliminate abusive financial practices. CRL is affiliated with Self-Help, one of the nation's largest community development financial institutions.