Over the long-term the effects will have a beneficial outcome by returning to conservative lending practices, stabalizing the mortgage market, and providing available, affordable, reliable mortgage financing and jobs back to the economy.
In the immediate short-term prospective homeowners may have to wait a bit longer to save up more for their downpayment and closing costs and/or to improve their credit by paying down things such as credit cards, auto loans, and student loans.
Current homeowners who do not plan on moving, mortgages will not play a part.
However, homeonwers who do plan to put their home up for sale need to plan for a possible protracted selling period. Home sellers should take the time to make themselves aware of the financing challenges created for buyers. They may want to speak to both a banker and a mortgage broker, as if they were themselves thinking of applying for a mortgage and ask what, if any, buyer financial assistance a seller can legally offer to help negotiate a successful sale.
In summary, the return to conservative mortgage lending practices, homeowners not planning to move have no issues, homeowners planning on selling may have difficulty selling due to new “Quality Mortgage” regulations implemented by the federal government. Therefore check in advance what if anything these new regulations allow you to do to sell your home.