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Wednesday, July 10, 2013

ABA Supports Bills to Study Basel III, Adjust QM

ABA wrote to members of Congress commending bills that would study Basel III and adjust the Qualified Mortgage standards.

In a letter to Reps. Shelley Capito Moore (R-VA) and Gregory Meeks (D-NY), ABA EVP James Ballentine expressed ABA’s concerns about the effects of the final Basel III rules on all financial institutions and the U.S. economy. The bill, H.R. 2547, would require a thorough analysis of Basel III’s effects on community banks and mortgage lending.

Ballentine also expressed support for H.R. 1077, which would exclude lender-paid compensation to a correspondent bank in a wholesale mortgage transaction from the points and fees threshold under QM rules.

Read the Basel III letter.
Read the QM letter.

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