Industry Groups React to QM

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Posted To: MND NewsWire

Many industry groups have commented this morning on the final Qualified Mortgage/Ability to Repay rule issued today by the Consumer Financial Protection Bureau (CFPB). Most of the comments received so far have been generally favorable and have lauded CFPB and the process they used in arriving at the rule. Here is a sampling of the comments we have received. Debra Still, Chairman, Mortgage Bankers Association (MBA) said that MBA agrees that the goal of the regulations, ensuring that borrowers receive loans they can repay, is in everyone's best interests. Its concern has always been that this goal be balanced with other housing policy objectives, particularly ensuring the availability of mortgage credit to qualified borrowers. While she cautioned that MBA needed time to carefully examine the...(read more)

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Source: http://www.mortgagenewsdaily.com/01102013_qualified_mortgages.asp

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