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Reactions to the QRM Provision

ABA Testifies on Regulatory Challenges Facing Community Banks
American Bankers Association
As to mortgage lending, Whittaker said that most residential mortgages made by community banks today are low risk and should fall under the “qualified residential mortgages” exemption.


ICBA Statement on Proposed Risk Retention Rules
ICBA
"ICBA is very pleased that the proposed rule includes an exemption from the qualified residential mortgage standards and risk retention requirements for loans sold to Fannie Mae and Freddie Mac, as long as they have government capital. The vast majority of residential mortgages originated by community banks are conforming loans sold to Fannie Mae and Freddie Mac. Today's action would preserve the ability of community banks to continue to provide their customers with long-term mortgages.”


MBA Reacts to Risk Retention Proposal
Mortgage Bankers Association
At first glance, while this rule may prove workable for commercial real estate financing, we have profound concerns about its implications for residential mortgage financing and the nation's economy today and for generations to come.


Lawmakers Join Industry Groups to Urge Revising Minimum 20% Down Requirement
National Association of Home Builders
In May, a bipartisan group of U.S. senators and representatives last week joined with NAHB and other business and consumer groups in calling on federal regulators to revise a pending proposal that would require a minimum 20% downpayment for "qualified residential mortgages."


View Comments Submitted to the Regulators
Regulations.gov


Representatives Send Letter to Regulators Regarding QRM
In late May, more than 100 representatives signed a letter sent to the regulators saying the mortgage guarantee insurance should be one of the factors included in the QRM definition, as specified in the Dodd-Frank Act.


Senators Send Letter to Regulators Regarding QRM
Spearheaded by three Senators, the letter states that the “proposed legislation goes beyond the intent and language of the statute by imposing unnecessarily tight down-payment restrictions.”

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