Loans originated and held in portfolio by insured depositories, which are heavily regulated and regularly examined for safety and soundness, should be treated as Qualified Mortgages. This common-sense approach will help untold numbers of borrowers gain access to some of the most traditional and lowest risk mortgage products offered by banks.
The bill was introduced in the previous Congress and received bipartisan support in passing the House Financial Services Committee. A priority for last year’s joint ABA-state bankers association task force on regulatory relief, H.R. 1113 is a major element of ABA’s 2015
Agenda for America’s Hometown Banks.
Read the letter.