Now that rules are in place (PDF) are in place, many of the lending abuses that caused the housing crisis are now illegal. However, many credit-worthy borrowers are not able to access responsible loans in today's unprecedented tight credit environment. There are three distinct issues:
- Ensure that all credit-worthy borrowers can access responsible, affordable mortgages;
- Ensure that the future housing finance system serves all credit-worthy borrowers;
- Provide options for borrowers who continue to experience foreclosures.