Rumor has it that one of the candidates expected to challenge incumbent Senator Arlen Specter may propose a change to mortgage regulations as part of his campaign platform.
One of the most interesting components of the rumored proposals is one to give lenders more leeway in issuing bridge loans. As many in the mortgage industry have complained, the constricted economy has created a domino effect, in which people out of work or tight on cash find it harder to get the bridge loans they need to buy a new home while they sell their existing home, which usually results in them buying a new home.
Properly handled, loosening restrictions on bridge loans could be done in such a way that lenders wouldn't be subjecting themselves to undue risk. There are a variety of ways to handle this, each with its positives and negatives.
What's most important, though, is that something be done soon. The real estate market is coming back, but it could come back sooner if borrowers can have easier access to bridge loans. Whether we're talking Pennsylvania or California, the industry still needs help.
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