New rules that will make it easier for banks to sell mortgages and will let home buyers use smaller down payments are aimed at jump-starting a sluggish housing market, but may not make a significant impact, according to experts.
The rules, which were approved by the Securities and Exchange Commission and the Federal Reserve governors yesterday and by three other federal agencies the day before, eliminated a requirement that borrowers make a 20 percent down payment if a bank doesn't hold at least 5 percent of the mortgage securities tied to those loans. That will make it easier for home buyers to get credit.
Economists said the new rules walk back some of the stringent requirements put in place in the wake of the 2008 financial crisis.
"The reaction to the housing crisis was to shut off the tap for credit almost completely," said Stephanie Karol, a U.S. economist with IHS Global Insight. "It's a more sensible attitude towards credit for homeowners."
Federal officials said the rules will open up the mortgage market while protecting investors.
Still, the rules, which take effect in a year, will not make an immediate impact if the housing market stays the same.
Because it is still a seller's market, with demand for homes outpacing supply, lowering the amount required for a down payment will not make buyers with high down payments or all-cash buyers less attractive, Karol said.
Risky mortgage practices widely blamed for the financial crisis, including mortgages without any supporting documents from borrowers, have been excluded from the definition of a qualified mortgage in the new rules.
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