“We absolutely need credit standards to be relaxed, but they need to be relaxed in a way that is responsible, and that really embraces the idea of compensating factors. I think that certainly, Director Thompson gets that, and that we can responsibly expand the credit box without adding unnecessary or irresponsible risk.” – David M. Dworkin
“The latest ruling to overturn the CDC’s eviction moratorium makes it all the more important to disburse the funds that have been allocated to communities to provide rent assistance to qualified renters and landlords. For over a year, many apartment owners have covered the expenses and lost rent for renters unable to pay due to the pandemic. Most are small ‘mom and pop’ landlords who depend on rental income to get by. State and local governments must do whatever is necessary to move this historic amount of support or return funds for reallocation to grantees who are successfully getting the money out.” – David M. Dworkin
“FHFA’s new housing goals for Fannie Mae and Freddie Mac are an important step towards increasing liquidity of the affordable housing mortgage market.” – David M. Dworkin
This is about “getting someone from a 660 to 680, not getting someone with a 590 and making them qualify. This is only for people who were otherwise on the line.” – David M. Dworkin
“The difference in underwriting requirements and borrowing costs, like loan-level price adjustments, may very well have a disparate impact from the broader market, when compared to lenders making loans they hold in portfolio, and we don’t know why that is.” – David M. Dworkin
“The introduction of rent into mortgage considerations is a significant innovation and a major step forward in expanding homeownership opportunities. This will have a material impact on mortgage applicants who are qualified but have been left out of homeownership.” – David M. Dworkin
“This new procedure will utilize information already available to lenders without adding any burden to homebuyers. By analyzing bank statements that have already been submitted, Fannie Mae’s Desktop Underwriter automated underwriting system will be able to confirm that past rent payments were made on time. When Fannie Mae tested the system on past applicants that were not approved, 17% would have qualified using the new policy. This will have a material impact on mortgage applicants who are qualified but have been left out of homeownership.” – David M. Dworkin
“It’s a recipe for chaos. And that’s what we’ve got.” – David M. Dworkin
“Power Players: David Dworkin: Dworkin is the president and CEO of the National Housing Conference, an affordable housing advocacy group that successfully lobbied for the inclusion of a $10 billion Homeowner Assistance Fund in the March 2021 Covid relief package. The fund is meant to provide help to homeowners struggling with monthly payments.”
“This country will never be a great nation with people living on the street…We have to address (the needs of) more people who can’t afford to rent on their own.”Too many people get up in the morning, exit their cars, wash up in someone’s public bathroom and go to work everyday. That’s just unacceptable.” – David M. Dworkin
