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Keith Andress Quoted in Birmingham Business Journal About New Mortgage Rules

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Residential mortgage lending will change in 2014 as new federal rules begin to target risky loans and protect borrowers. The new qualified mortgage and ability-to-repay rules are designed to prevent the reappearance of unaffordable home loans like those that fueled the housing crisis and financial meltdown. In this Birmingham Business Journal article, Keith Andress and other banking experts warn that some potential homebuyers won't be able to get mortgages under the new rules. 

"Certainly, a large portion of those loans aren't going to be made anymore," said Mr. Andress. "That's a lot of credit that's not going to be on the market for lower-income buyers. People struggling to get a house with not-so-good credit may not be able to get a loan now because the lenders who ordinarily would have made that loan will no longer do so because they will not be able to sell it."

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