The Coalition for Sensible Housing Policy—a broad group of financial, housing and community development stakeholders including ABA—yesterday wrote to the federal banking agencies urging them to delay the conclusion of a mandated review of the “qualified residential mortgage” definition and related provisions of the credit risk retention rule.
Browsing: Ability to repay and qualified mortgage
As the American Bankers Association has long anticipated, CFPB Director Kathy Kraninger signaled in a letter to lawmakers last week that her agency will extend the temporary “GSE patch,” which grants Qualified Mortgage status to loans eligible to be purchased or guaranteed by Fannie Mae or Freddie Mac.
Six federal regulatory agencies are commencing a mandated review of the Dodd-Frank Act’s mortgage risk retention rule, which was finalized in 2014.
The Consumer Financial Protection Bureau today announced updates to its rulemaking agenda for 2019. Significantly, the bureau said that it is considering initiating a rulemaking or issuing guidance to address the interplay between Regulation Z and requirements under the Electronic Signatures in Global and National Commerce Act.
In recent years, nonbanks have made major inroads into sectors like the single-family mortgage market, where they now originate more than half of loans.
As policymakers pursue housing finance reform, ABA President and CEO Rob Nichols joined the heads of four housing trade associations in calling for “thoughtful and balanced” changes.
Banks want to expand safe and sound lending across the board and remain committed to enhancing the availability of credit to all qualified borrowers.
ABA joined a broad coalition of financial industry stakeholders, civil rights groups and other advocacy organizations in a letter to the Consumer Financial Protection Bureau today offering feedback on the expiration of the temporary “GSE patch,” which grants Qualified Mortgage status to loans eligible to be purchased or guaranteed by Fannie Mae or Freddie Mac.
The Treasury Department today issued a much-anticipated blueprint for housing finance reform that includes providing explicit and paid-for federal government support for the secondary market, ending the more-than-decade-long conservatorships of Fannie Mae and Freddie Mac and promoting greater private-sector competition in housing finance.