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 bureaus 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...