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Qualified Residential Mortgage and Risk Retention

Qualified Residential Mortgage and Risk Retention

Proposed QRM rules may lead to high down payment requirements.

  • On Feb. 26, 2014, NAR sent a letter to the House Financial Services Committee's Subcommittee on Capital Markets and Government Sponsored Enterprises for a hearing on the Dodd-Frank Act’s impact on asset-backed securities.

  • On Oct. 30, real estate and finance industry groups, including NAR, sent a joint trade letter the agencies responsible for the QRM rules (the Federal Reserve, FDIC, HUD, SEC, Department of the Treasury, and the FHFA) regarding commercial real estate elements of the re-proposed rule on credit risk retention ("the Re-proposal").

  • NAR believes that aligning the QRM definition with the QM definition removes the risky product features and low- or no-documentation lending that led to increased defaults, without excluding those buyers who are unable to afford a high down payment.

  • On behalf of the leading advocate for homeownership and housing issues, NAR President Gary Thomas recommended essential reforms to the current housing finance structure that will benefit consumers.

  • NAR President Gary Thomas talks about the successes of QM/QRM rulemaking, and the coming debates over the reforms of Fannie Mae, Freddie Mac, and the FHA.

  • The six financial federal regulators [HUD, Fed, FDIC, FHFA, OCC, SEC] responsible for writing and implementing the Qualified Residential Mortgage rule, or "QRM", re-proposed the rule after receiving considerable pushback from NAR, other housing industry groups, consumer groups, and lawmakers.

  • Proposed revisions to the qualified residential mortgage rule announced today will help millions of people buy homes and strengthen the mortgage market, says NAR President Gary Thomas.

  • "I am pleased to announce a significant victory for REALTORS® and homebuyers. Because of REALTORS®' efforts, and other important stakeholders, the administration just announced a proposed rule that will preserve low down payments for qualified homebuyers."

  • The re-proposed Qualified Residential Mortgage rule announced this morning is a victory for homebuyers and the future of homeownership in this country. 

  • On May 8, 2013, NAR Immediate Past President Moe Veissi testified at a Consumer Financial Protection Bureau field hearing on the impact that growing student debt will have on the ability of consumers to access mortgage credit, particularly first time homebuyers.

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