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Tuesday, January 27, 2015

Keating Talks Dodd-Frank Fixes on Fox Business

The Dodd-Frank Act needs some tweaks to make it work better, and those who oppose fixing the law are standing in the way, ABA President and CEO Frank Keating said yesterday on Fox Business’ “Opening Bell” program hosted by Maria Bartiromo. Keating explained:

We’re not asking for repeal. We’re asking for amendments that will make it easier for people to get mortgage loans and borrow money from banks. Let’s make the system work better for ordinary borrowers.

One example Keating cited is a proposal to allow loans held by banks in portfolio to be automatically considered Qualified Mortgages.

It’s just a simple thing. If you make a mortgage loan and you keep it on your own books, it’s prudently underwritten -- it’s on the bank if something goes south -- why can’t that be a Qualified Mortgage?

Watch the interview.

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