More confirmation that 20% down won’t work

Back in May, we told you that 39% of 2010 homebuyers wouldn’t meet the proposed standards for qualified residential mortgages, which included a requirement for a 20% down payment.

Now LendingTree says that its data show that no state averages 20% or more down on mortgages — in other words, confirming that not a lot of people meet that requirement.

Luckily, the 20%-down proposal is all but dead, as lawmakers and regulators work to come up with a QRM standard that’s realistic and also protects taxpayers from having to bail out banks yet again.

About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
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