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Thu Feb 14, 2013, 10:52 AM

Housing Industry Pins Hopes on Obama to Soften Down-Payment Rule

“Right now, overlapping regulations keep responsible young families from buying their first home,” Obama said in his Feb. 12 State of the Union address. “What’s holding us back? Let’s streamline the process, and help our economy grow.”

U.S. Realtors and mortgage bankers say they’re hoping President Barack Obama’s call for streamlining mortgage rules will lend new momentum to efforts to prevent imposing a strict minimum down payment for home loans.

“Right now, overlapping regulations keep responsible young families from buying their first home,” Obama said in his Feb. 12 State of the Union address. “What’s holding us back? Let’s streamline the process, and help our economy grow.”

The president was speaking broadly about a variety of rules that may be hampering credit availability, according to a White House aide who spoke on condition of anonymity because the deliberations were not public.

Still, bankers and real estate agents who are angling for changes to a proposed regulation requiring lenders to keep a stake in risky loans say they hope Obama’s comments will help their cause.

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http://www.bloomberg.com/news/2013-02-13/housing-industry-pins-hopes-on-obama-to-soften-down-payment-rule.html

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