Landrieu, Vitter question higher credit score requirements for homebuyers
by Deon Roberts Online Editor
WASHINGTON - Plans by Fannie Mae and Freddie Mac to raise credit score requirements for homeowners nationwide could have a chilling effect on Louisiana's housing market and make it more difficult for thousands of middle- and low-income Louisianians to buy or sell a home.
That was the message of Sens. Mary Landrieu, D-New Orleans, and David Vitter, R-Metairie, in letters sent Thursday to the heads of Fannie and Freddie.
"It is our understanding that both Fannie Mae and Freddie Mac plan on charging higher fees for home purchasers with credit scores less than 740 points. From our understanding, this could be potentially harmful to Louisiana where the average credit score totals approximately 663 points. Louisiana has not experienced the same levels of foreclosures and subprime loans as other areas of the country," Landrieu and Vitter said in the letters to Fannie CEO Daniel Mudd and Freddie CEO Richard Syron.
But don't worry, Louisiana, we're still bucking those trends. If you've made a "lifestyle choice" not to deserve an opportunity to buy a home, I'm sure someone will rent you a trailer... or a bridge to sleep under or something.
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