QRM In the News
© 2012, Brandon Cornett, all rights reserved
On this page, you will find the latest news pertaining to the qualified residential mortgage or QRM. We update this page every week as new stories and developments emerge. The most recent stories are shown at the top.
Blaming Regulation, Again, for Restricting Mortgage Lending
Publisher: New York Times, October 12, 2012
Peter Eavis from the New York Times criticizes the banks for their endless gripes about the forthcoming QRM rules. He argues that their fears are largely unjustified, since "the majority of mortgage loans written since the financial crisis likely fulfilled the proposed [QRM] requirements."
Are Regulations to Blame for Tight Credit?
Publisher: Wall Street Journal, October 8, 2012
The uncertainty of pending legislation is causing concern. The QM and QRM rules haven't even been defined yet, much less passed into law. But they are already worrying many in the banking industry. Federal Reserve Governor Elizabeth Duke said she is particularly concerned about the restrictive nature of the forthcoming laws.
Future of Housing Finance Will Be Top Issue for Next President
Publisher: MarketWatch, May 16, 2012
This is a press release from the National Association of Realtors (NAR). In it, the authors point out that the adoption of QRM and QM rules could increase private participation in the mortgage market. In this context, 'private' refers to home loans that are not backed by the federal government.
Future of 'safe' mortgages in CFPB's hands
Publisher: MarketWatch, May 3, 2012
The authors point out that the QRM legislation is meant to prevent deceptive loans, such as the "liar loans" where the banks did little or nothing to verify the borrower's income. Critics of the forthcoming legislation worry that the new rules will make it even harder for home buyers to qualify for a mortgage.
Ability-to-Repay Rule for Mortgages Nears CFPB Approval
Publisher: Bloomberg, May 1, 2012
The Consumer Financial Protection Bureau (CFPB) is nearing the finalization of the qualified residential mortgage. According to this article, the new rules and regulations could be publicized sometime in June. Among other things, the CFPB will outline the steps mortgage lenders must take to verify a borrower's ability to repay the loan.