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Rep. Bachus: New Lending Rules Could Push Borrowers to Gov't

By Alan Zibel Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- Mortgage-lending rules being developed by federal bank regulators could wind up pushing more borrowers toward government-backed loans, a key House lawmaker warns. In a letter sent to regulators last week, House Financial Services Committee Chairman Rep. Spencer Bachus, (R., Ala). said the standards required by the Dodd-Frank financial overhaul might force borrowers to take out loans backed by the Federal Housing Administration, a federal agency that insures loans made to borrowers with low down payments. "It is not in the public interest for a government insurance program like FHA to dominate the market, especially if private capital is available to finance mortgages that exhibit a high risk of borrower default," Bachus wrote. The letter was obtained by Dow Jones Newswires on Monday. The Dodd-Frank law signed last summer mandated that banks retain 5% of the risk of a loan if it is packaged into a security and sold to investors. The idea was that, with more "skin in the game," banks will be more cautious because they will stand to lose if a borrower defaults. Regulators are working on defining which loans are deemed less risky and therefore exempt from those risk-retention requirements. In recent weeks, concern has been mounting in the banking industry that regulators will be strict in their definition, perhaps only allowing loans with a 20% down payment to receive the exemption. Most of the lending industry favors a broader definition. If those rules mandate a high down payments, they could harm the mortgage insurance industry, which allows borrowers to take out loans with lower down payments by collecting insurance premiums from borrowers. Large mortgage insurers include MGIC Investment Corp. (MTG), PMI Group Inc. (PMI), Genworth Financial Inc. (GNW) and Radian Group Inc. (RDN). Bachus's letter indicates that he favors a role for mortgage insurers. "One possible alternative is to allow the use of credit enhancements to offset part of the down payment requirement and, thus, help make homeownership more affordable." -By Alan Zibel, Dow Jones Newswires; 202-862-9263;

Stock News for Radian (RDN)
04/27/201608:01:49Current Report Filing (8-k)
04/27/201606:36:00Radian Announces First Quarter 2016 Financial Results
04/12/201606:30:00Radian Announces New Quota Share Reinsurance Program for Single-Premium...
04/07/201616:19:14Proxy Statement (definitive) (def 14a)
04/05/201616:33:04Current Report Filing (8-k)
03/29/201606:30:00Radian Introduces Newly Enhanced Consumer-Focused Website for...
03/22/201609:05:00Green River Capital Assigned 'MOR RV2' Ranking For SFR Surveillance...
03/21/201617:18:39Proxy Statement - Notice of Shareholders Meeting (preliminary...
03/21/201608:03:13Current Report Filing (8-k)
03/21/201606:30:00Radian Strengthens Capital Structure
03/18/201616:41:32Current Report Filing (8-k)
03/16/201606:10:11Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
03/15/201619:19:00Radian Increases Size and Prices Senior Notes Offering
03/14/201607:45:00Radian Announces Offering of Senior Notes
03/14/201607:36:57Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
03/09/201616:35:46Current Report Filing (8-k)
03/09/201610:33:00Statement of Changes in Beneficial Ownership (4)
03/09/201610:32:31Statement of Changes in Beneficial Ownership (4)
03/09/201610:31:13Statement of Changes in Beneficial Ownership (4)
03/09/201610:30:17Statement of Changes in Beneficial Ownership (4)

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