Republicans Blast CFPB On Qualified Mortgage Standard

Law360, New York (May 21, 2013, 3:29 PM EDT) -- Several Republican lawmakers on Tuesday took the Consumer Financial Protection Bureau to task, saying the agency’s standard for so-called qualified mortgages under its ability-to-repay mortgage lending rule is not flexible enough and could limit banks’ willingness and ability to lend.

The qualified mortgage definition is a risk standard for the underwriting of loans, required to meet the ability-to-repay provision laid out in the agency’s January rule, which if met allows for a safe harbor for certain legal claims related to the loans.

Rep. Gary Miller, R-Calif., speaking...
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