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Tuesday, March 5, 2013

Housing Coalition Urges Regulators to Align ‘QRM’ With ‘QM’

The Coalition for Sensible Housing Policy -- of which ABA is a member -- yesterday urged federal regulators in a letter to align the pending risk retention rule’s “qualified residential mortgage” standard with the “qualified mortgage” standard under the ability-to-repay final rule that the CFPB issued on Jan. 10.

The coalition emphasized that it strongly opposes adding stringent down payment and other restrictive requirements to the QRM definition that would limit the ability of private capital to reach lower-income households and first-time buyers.

“Aligning the QRM and QM standards will encourage safe and financially prudent mortgage lending, while also creating more opportunities for private capital to reestablish itself as part of a robust and competitive mortgage market,” the coalition said.

Read the letter.

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