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Expanding Responsible Mortgage Credit Availability to Lower-Income Households to Be Focus of Two FDIC-Sponsored Events
fdic.gov, Jul 08, 2008
Strategies for promoting responsible and sustainable mortgage lending to low- and moderate-income (LMI) families will be the focus of the FDIC-sponsored Forum on Mortgage Lending for LMI Households on July 8th in Arlington, VA.
The forum – featuring leading experts in banking, investment, government, academia and the nonprofit community – will explore a framework for LMI mortgage lending in the future, including identifying market and regulatory incentives for encouraging responsible mortgage lending to LMI borrowers.
Forum participants will include the Honorable Henry M. Paulson, Jr., Secretary of the Treasury; the Honorable Ben S. Bernanke, Chairman, Federal Reserve Board of Governors; and James Dimon, Chairman of the Board and Chief Executive Officer of JPMorgan Chase & Co.
Building upon the discussions from the LMI forum, the FDIC's Advisory Committee on Economic Inclusion (ComE-IN) will convene on July 9th in Washington, D.C., to examine ways to encourage mortgage credit availability to lower-income households.
The availability of credit to mortgage borrowers has sharply contracted, with total originations in the first quarter of 2008 down almost 30 percent from the first quarter a year ago. Origination volumes have fallen even more dramatically in the subprime segment and in the non-conforming so-called "Alt-A" segment - nearly 90 percent and 80 percent, respectively. Moreover, total mortgage originations are forecast to continue to decline by 18 percent in 2008 and by another 11 percent in 2009, according to the Mortgage Bankers Association.
"I remain concerned that reductions in mortgage credit availability will disproportionately affect lower-income households, who already lag the general population in homeownership rates," said FDIC Chairman Sheila C. Bair. "I look forward to hearing the issues and challenges raised at the FDIC's LMI mortgage forum and our Advisory Committee's views regarding how the FDIC can encourage mortgage credit availability strategies that will benefit consumers, lenders and investors, as well as the economy."