Fannie, Freddie Will Only Buy Qualified Mortgages, FHFA Says

Law360, New York (May 6, 2013, 5:14 PM EDT) -- The Federal Housing Finance Agency on Monday said that Fannie Mae and Freddie Mac would only be allowed to purchase so-called qualified mortgages when the new standard comes into effect in January.

Under the new standard, Fannie Mae and Freddie Mac will only be able to purchase and securitize mortgages that qualify to an exemption to the Consumer Financial Protection Bureau's ability to repay rule, which the federal consumer finance watchdog finalized in January.

Fannie and Freddie will be able to purchase amortizing, 30-year mortgages that...
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