Senators Push for QRM Matching Dodd-Frank Intent

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Three of the senators who helped frame parts of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010 have again written to financial regulators asking them to respect the intent of the legislation. Kay Hagan (D-NC), Johnny Isakson (R-GA) and Mary Landrieu (D-GA) sent a letter on Thursday to the heads of the six agencies which are formulating the qualified residential mortgage rule (QRM) of Dodd-Frank. QRM will define exemptions for lenders from risk retention requirements for securitized mortgages and will define underwriting guidelines for the most affordable mortgage products. The letter points out that the Consumer Financial Protection Bureau ( CFPB ) finalized a final rule defining "Qualified Mortgages on January 10 and asking the heads of the Federal Reserve, Federal Deposit...(read more)

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Source: http://www.mortgagenewsdaily.com/02152013_dodd_frank_qrm.asp

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