Industry Groups Seek Broad 'Qualified Mortgage' Definition

Law360, New York (April 16, 2012, 7:08 PM EDT) -- A wide coalition of industry groups and consumer and community activists on Monday told the Consumer Financial Protection Bureau that a broad definition of “qualified mortgage” was necessary to boost the collapsed housing market.

The CFPB is charged with finalizing a rule this year requiring that lenders determine that a borrower is able to repay his mortgage before issuing a loan, unless the borrower is applying for a so-called qualified mortgage. In a letter, approximately 30 groups including the American Bankers Association, the American Securitization Forum,...
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