(Courtesy of Wall Street Journal and Housing Matters): A relaxed rule aimed at improving mortgage quality moved closer to approval after the Securities and Exchange Commission removed a key objection, according to officials familiar with the process.  The standard, expected to be made final in the coming months, is much looser than what was first floated in 2011, when policy makers said borrowers would have to put 20% down to get a loan or lenders would have to retain 5% of a loan's risk once it was packaged and sold to investors.  Under the revised approach, regulators wouldn't require a down payment and would include a broad exemption for banks and other issuers of mortgage-backed securities from having to retain a portion of the credit risk on their books.  MORE

(Courtesy of Brookings Institution and Politico Magazine): The growth of poverty in Metro Atlanta's Cobb County is a microcosm of the dilemma facing suburbs nationwide: a rapid spike in the number of poor people in what once were the sprawling beacons of American prosperity. Think of it as the flip side of the national urban boom: The poverty rate across all U.S. suburbs doubled in the first decade of the millennium-even as America's cities are transforming in the other direction, toward rising affluence and hipster reinvention.  MORE

(Courtesy of Urban Institute): Credit for mortgage purchases has been very tight since the housing crash.  Limited credit has many consequences:  fewer individuals will become homeowners; the housing market will recover more slowly; and ultimately, the economy will suffer from fewer new home sales and the consumer spending that goes along with home purchases.   African Americans and Hispanics have been hit far more heavily than non-Hispanic whites and Asians.  Comparing 2001 to 2012, the number of purchase loans to African American and Hispanic borrowers declined by 55 and 45 percent, respectively while purchase loans to non-Hispanic whites and Asians dropped 41 and 15 percent respectively.  MORE

Fulton County will begin accepting pre-applications from Fulton County homeowners for Housing Rehabilitation Assistance beginning July 1, 2014.  Pre-applications will be accepted  for Deferred Payment Loans (DPL) through July 31, 2014, by the Housing and Human Services Department's  Housing Rehabilitation Program.  The program serves low and moderate-income homeowners.

The County is prepared to provide financial assistance to help bring substandard, single family, owner-occupied residential properties located in Fulton County into compliance with federal regulations and County code.  Properties located in the Cities of Atlanta, Roswell, Sandy Springs, and Johns Creek, are not eligible for assistance under this program. To obtain a Pre-Application Form,  residents in need of assistance must send their name, address, city, state, zip code and telephone number to:  Fulton County Housing Rehabilitation Program Attn:  DPL Project Manager, 5600 Stonewall Tell Road, Suite 204, College Park, GA 30349.  For more information, contact Community Development Manager Lolita Collins at 404-613-7944.  MORE