Bankers Urge Approval Of CFPB Mortgage Rule Changes

Law360, New York (June 18, 2013, 1:43 PM EDT) -- Representatives of the mortgage lending industry on Tuesday urged Congress to support several amendments to the Consumer Financial Protection Bureau's qualified mortgage rule, emphasizing the current version's potential detrimental impact on smaller lenders.

At a hearing of the House Financial Services Committee convened to examine how the Dodd-Frank Act affects home ownership, financial services organization leaders and real estate finance experts expressed concern about the QM and ability-to-repay rules' apparent "one size fits all" approach.

"If the regulatory framework for the ability-to-repay requirement is going to...
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