Political Quotes

“I appreciate the opportunity. I want you to imagine with me. Imagine a single mom moving out of a trailer. She has had some tragedy in life. She has got two kids that are watching very, very closely, though, what she is doing and how she is handling it. Imagine, as a former realtor, the joy that I took in being able to get her into her own home, the first thing that she had felt like was truly hers and something that her kids could be proud of. Well, that is the type of scenario that we are trying to promote, I would think, as a country. Unfortunately, with the rules that have been promulgated under this qualified mortgage rule, lenders determine a borrower's ability to repay using, really, an arbitrary standard set by a formula. They don't look at the character. They don't look at the background. They don't look at the history of that person because it is outside the formula. If a lender does not adhere to this bureaucratically established formula, a borrower can actually sue the lender. This has caused 73 percent of community bankers, those who know their customers best, to cut back their mortgage business or simply stop providing mortgages altogether. That is the worst-case scenario. The Portfolio Lending and Mortgage Access Act removes bureaucrats from the equation and allows lenders to work directly with borrowers to provide them with loans that they can afford. That is a key element here: loans that they can afford.…”