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Wednesday, May 22, 2013

House Hearing on CFPB’s QM Rule

Members of the Financial Institutions and Consumer Credit Subcommittee expressed concerns at a hearing yesterday that the Qualified Mortgage (QM) rule mandated by the Dodd-Frank Act will reduce access to credit.

“My main concern with the QM rule is that the people who do not fit the one-size-fits all criteria for QM loans will not be able to access mortgage credit,” said Subcommittee Chairman Shelley Moore Capito (R-WV). “Despite the CFPB’s claims that lenders will issue non-QM mortgages, my conversations with lenders lead me to believe that few, if any, will be willing to issue these types of mortgages.”

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