Housing Experts Push Congress To Define 'Qualified Mortgage'

Law360, New York (July 11, 2012, 1:58 PM EDT) -- A panel of housing finance and real estate experts on Wednesday urged Congress to finalize the Dodd-Frank Wall Street Reform and Consumer Protection Act's rules for defining qualified mortgages and clarify guidelines for origination in order to avoid an even tighter credit squeeze on qualified borrowers.

The panelists asked the U.S. House of Representatives' Financial Services Committee to create a broad definition of "qualified mortgage" in order to extend credit to more homeowners and create "bright-line" guidance for originators to mitigate risk. The bill's current ability-to-repay...
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