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-- fifteen more minutes.
-- the government outlining new rules to limit mortgage views -- potential homeowners will hurt your chances of getting a -- Here to react to -- -- -- president and CEO of Citi mortgage.
Thanks so much for joining us I'd look at New York Times article from yesterday rate in the first paragraph they see it and I love this because they're so prone to hyperbole -- one of the most abusive -- levees aren't consumers when they buy a home.
-- transaction fees and and points and -- are abusive.
-- no I think that fees and points or and essentially thought of -- book that banks to do in order to.
Process for mortgage.
And get all the documentation and people have done.
And so I think this is going to obviously that impact the economics are -- offering a mortgage backed.
Highlight the fact that -- be greater transparency.
And more disclosures and that could make it easy for consumers to understand what that thing.
Actually without question I don't want to pay fees and points I'd like to have my mortgage for free but that's not a very good business for -- You're not gonna get out there and do it if you're not making money on it right.
But that said the long term economics off offering a mortgage will be impacted quite significantly.
If points in his change but that's -- we haven't had a chance to look at the proposal yet because it's just came out yesterday have.
At the landscape for giving loans has it -- has it changed since.
This is a Consumer Financial Protection Bureau -- -- to -- -- -- big difference -- have been knocked up that much yet.
Well but the landscape for mortgage lending has been principally influenced by the amount -- re financing that's been going on because of the very very low interest rates and -- all eager to see.
The -- -- market come back and and I think that'll happen and home crisis and and there's more confidence and home prices going up.
I would say -- -- -- -- -- that -- principally impacting mortgage lending.
Let's talk about that because and it obviously we're looking at the thirty year right now but sitting at historic lows once again I think we -- -- -- today and yesterday.
But the same time 72 point 1% of the loans that we see happening -- refile -- yeah so is that low rate environment really helping the housing market.
Or are people who are out there and existing homes just refinance into better rate.
-- I think the to a connected minutes so a lot of consumers sort of -- -- have had great that have been in the 78%.
For a very long time.
And I think just snorting -- it buy it you know -- almost feel full percentage points.
Can impact the household disposable income by almost 50%.
And that's a very significant.
Talk of the economic recovery second to that extent it's a very good thing.
And then we -- -- I have nothing to do with the housing market having maybe that helps consumers -- their bite she is the benefit houses all well what it does is it also allows for us homebuyers to come in that it diamond home -- so low BP to trumpet -- about 35%.
And with interest rates being as -- the -- it does cause.
GD -- you heard it -- who can ignite the market at some point the people I think it all depends on consumer confidence.
So I think it's great.
Yeah and jobs of course another and -- B -- that -- thanks much for joining -- that it -- Amitabh welcome.
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