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H.R. 3081, The Fairness for Homeowners Act of 2007
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Terry Liebman
If this bill is passed, it could have a devastating affect on all homeowners. Clearly, abuses have occurred. Homeowners have been taken advantage. But this bill throws the baby out with the bathwater. It goes too far.
This bill completely eliminates “stated income” loans. Current and possible future “self-employed” homeowners – who generate strong cash flow but show limited income – will probably be unable to refinance or buy a home.
Qualifying all variable rate loans – including variable loans with fixed rate periods of 5 years or longer – at the fully indexed rate PLUS 200 basis points will probably make these loans unavailable for most borrowers.