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Tuesday, June 18, 2013

ABA to Testify Today on Homeownership, QM

James Gardill, chairman of Wesbanco Inc. in Wheeling, WV, will testify on ABA’s behalf this morning at a hearing of the House Financial Services Subcommittee on Financial Institutions. The hearing, set for 10 a.m., will examine the effects of the Dodd-Frank Act -- such as its Qualified Mortgage standards -- on homeownership.

From Gardill’s testimony:
The new Ability to Repay (ATR) and Qualified Mortgage (QM) rule represent a fundamental change in the housing-finance market. It is critical that these rules make sense and do not end up hurting creditworthy Americans that want to own a home.

Unfortunately, the Ability to Repay/QM rule, however well intentioned, will end up restricting mortgage credit making it more difficult to serve a diverse and creditworthy population.
Read Gradill’s full testimony.
Read more about the hearing.

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