19 Oct '11, 4am

New "Save Act" would promote better mortages and more investment in energy efficiency

U.S. Senators Michael Bennet (D - Colorado) and Johnny Isakson (R - Georgia) are expected today to introduce a bill titled "The Save Act." This bill can be a challenge to explain, as you'll see below, becasue it involves both mortgage policy and energy efficiency -- two sexy subjects wrapped into one great bill. The first thing to note is that the Bill is supported by a remarkable assortment of groups -- this alone is meaningful. What does the Save Act do? It corrects a flaw in how mortgage lenders treat homeowner energy expenses. Or, rather, how lenders ignore homeowner energy expenses in the mortgage process. Let me explain. First, there is underwriting. Before a lender makes a mortgage loan, the lender determines whether the loan applicant can afford the loan. The lender does this by following guidelines -- the lender looks at the new loan payment and other defined mont...

Full article: http://switchboard.nrdc.org/blogs/phenderson/we_are_expec...

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