Full Court Press Continues for Broad Definition of a “QM”
August 6, 2012
U.S. Sens. Roy Blunt, R-MO, Jerry Moran, R-KS and Mark Begich, D-AK, wrote Consumer Financial Protection Bureau Director Richard Cordray late last week, urging the regulator to include a broad definition of “qualified mortgage” – and a true legal safe harbor for conforming loans – in the bureau’s forthcoming ability-to-repay rules. “These rules will have a dramatic impact on the mortgage market, and if drafted too narrowly could severely restrict access to mortgage credit,” the trio wrote. “To prevent these unintended consequences...
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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