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Thursday, June 7, 2012

Representatives Seek "Safe Harbor" for QM Rule

House Financial Services Financial Institutions Subcommittee Chairman Shelley Moore Capito (R-WV) and Rep. Brad Sherman (D-CA) are circulating a Dear Colleague letter, seeking additional signatories for a letter asking the Consumer Financial Protection Bureau (CFPB) to adopt a “safe harbor” for its pending Qualified Mortgage (QM) rule.
It is important that the CFPB strike the appropriate balance between consumer protection and ensuring that consumers have access to credit. Therefore, we urge you to join us in writing to the CFPB urging them to adopt a ‘safe harbor’ for Qualified Mortgages.
ABA also has been urging the CFPB to adopt such a safe harbor, explaining in an April joint letter that a safe harbor “is the only means of ensuring that the largest number of borrowers possible will enjoy the safest and most affordable options for sustainable credit available through the QM.”

Read the Dear Colleague letter.
Read the ABA joint letter.

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