Congress is back in business and they are debating the next set of legislation which is aimed at reforming the mortgage industry

According to the National Association of Realtors and Realty Times there must be a balance between safeguarding consumers in the lending process and ensuring reasonable access to mortgage capital. Therefore in support of Congress, NAR has said that reform to the mortgage lending system is needed to restore consumer confidence in the economy and the housing market.

The recently introduced Mortgage Reform and Anti-Predatory Lending Act of 2009, H.R. 1728, contains many of the reforms NAR has been seeking. The bill makes many reforms including one which would require lenders to retain at least a five percent credit risk on every mortgage they write that is not a 30-year fixed rate. However, the bills main role is to remove or cut down risky mortgage features such as negative amortization, interest only and short term adjustable rate changes.

The positive outcome of this would be more simple 30 year fixed products coming to the market for borrowers.

Naturally there are some skeptics who want to avoid over regulation, however the main aim is to ensure consumers get more choice and access to safer mortgage products.

If you have decided that you would like to own a home in Sedona as a full time resident or part time then contact Claudia Ault and her team in downtown Sedona.

For a complimentary search of the Sedona MLS and access to all property currently on the market in Sedona AZ, visit www.claudiaault.com. For the best in Sedona Real Estate service and knowledge, contact Claudia Ault at 928-301-3016.

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