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The homeownership rate for Hispanics has jumped in recent years, a fact that could buoy the housing market for years, according to a recent Wall Street Journal article. Just three years ago, the homeownership rate for this group had fallen to a 50-year low. But now, recent Census data shows that it has risen 3.3% since then, surpassing the overall homeownership growth rate of 1.3%.
In May, the FHA said it was working to clarify the rules of its mortgage program in an effort to ease compliance concerns, pledging to replace the “jumbled legalese” in its certification and compliance documents with “plain English.” But a number of trade groups expressed their joint belief that the proposed changes do not go far enough to ease compliance concerns and “will not give lenders the assurance needed to expand their program participation.” Here's what they recommend be done.