Banks Win New Ally in Fight Over Mortgage Rules
From "Banks Win New Ally in Fight Over Mortgage Rules"
American Banker (07/20/12) Wack, KevinHabitat for Humanity believes the qualified mortgage rule could keep it from building and financing homes for needy people if the Consumer Financial Protection Bureau issues a final rule that is overly strict on borrower credit scores, employment history, and down payments. Its concerns were raised at a House subcommittee hearing with CFPB Deputy Director Raj Date on July 19. Habitat wants the rule to include an exception for non-profit lenders or a broad definition of QM that will not affect the organization.
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