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Murphy: Gov't may have jumped the gun

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Mortgage Broker News | 05 Oct 2012, 09:00 AM Agree 0
The one-two punch of this summer's mortgage rule and guideline changes may overwhelm the housing market, the president of CAAMP said during a national TV broadcast this week.
  • Paolo Di Petta | | 06 Oct 2012, 02:42 AM Agree 0
    What was the alternative? Letting home prices continue to climb out of control? Allowing the continued erosion of real estate affordability? Encouraging people to use mortgages and HELOCs to turn their homes into ATMs?

    Clearly, this was a more prudent move than just raising rates. It will slow down the market without pushing existing homeowners out of their homes. A rate increase would have hurt a lot more, this move softened the blow.

    It may hurt a little now, but the worse we let the situation get, the worse corrective action will hurt in the future.

    An ounce of prevention is worth a pound of cure.
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