July 20, 2011
Alabama Real Estate
Senators Bennet and Udall Sign Onto Letter Saying QRM Requirements Too Much
Colorado U.S. Senators Michael Bennet(D) and Mark Udall(D) have signed on to a letter with 37 other Senators to federal regulators saying that while the Senate approved a standard for a qualified residential mortgage (QRM) under the Dodd-Frank Act, the proposed rule goes too far. In the letter, the Senators say, " The extensive requirements for QRM's in the proposed rule swing the pendulum too far and reduce the availability of affordable mortgage capital for otherwise qualified consumers". The proposed rule by federal regulators, including the Federal Reserve, would require a minimum 20% down payment as a standard for a qualified residential mortgage. The National Association of REALTORS is working with a broad coalition of associations to help ease the requirements in the proposed rule. Comments on the rule will be accepted until August.
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