CFPB Director: Student
Loans Are Killing the Drive to Buy Homes
Armed with supporting data from different sources, Consumer Financial Protection Bureau Director Richard Cordray emphasized the need for his agency to take action on the hurdles that are keeping young Americans from buying homes. "We are seeing more student-loan borrowers shy away from making this investment," he recently told the Boulder Summer Conference on Consumer Financial Decision Making. Cordray cited a poll conducted by the National Association of Realtors, which reported that 49 percent of Americans named student loan debt as a "huge obstacle" to homeownership. Moreover, he said, "According to an analysis by the Federal Reserve Bank of New York, for the first time in at least a decade, households with student loan debt are less likely to have a mortgage than those without student loan debt." Cordray said the CFPB will dispatch examiners to identify, report, and penalize loan servicers for making it difficult to prepay and charging exorbitant fees for servicing processing errors.
From "CFPB Director: Student Loans Are Killing the Drive to Buy Homes"
Housing Wire (05/19/14) Gaffney, Jacob
Armed with supporting data from different sources, Consumer Financial Protection Bureau Director Richard Cordray emphasized the need for his agency to take action on the hurdles that are keeping young Americans from buying homes. "We are seeing more student-loan borrowers shy away from making this investment," he recently told the Boulder Summer Conference on Consumer Financial Decision Making. Cordray cited a poll conducted by the National Association of Realtors, which reported that 49 percent of Americans named student loan debt as a "huge obstacle" to homeownership. Moreover, he said, "According to an analysis by the Federal Reserve Bank of New York, for the first time in at least a decade, households with student loan debt are less likely to have a mortgage than those without student loan debt." Cordray said the CFPB will dispatch examiners to identify, report, and penalize loan servicers for making it difficult to prepay and charging exorbitant fees for servicing processing errors.
From "CFPB Director: Student Loans Are Killing the Drive to Buy Homes"
Housing Wire (05/19/14) Gaffney, Jacob
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