(Source: The Californian by Broderick Perkins) – Overwhelming bipartisan support could loosen the shackles of mandatory regulatory change coming for mortgages, but probably not enough to allow consumers to escape the mortgage money squeeze they already face.Pounded by powerful lobbying efforts from consumer advocates and minority, housing and real estate industry groups, 280 members from the 433-member U.S. House of Representatives and 44 of the 100 U.S. senators have signed up to oppose the most stringent “Qualified Residential Mortgage” or QRM, according to Christopher J. Bognanno, spokesman for the Washington, D.C., office of Rep. John Campbell, R-CA.
QRMs are low default-risk home loans required under the Mortgage Reform and Anti-Predatory Lending Act provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Source: The Californian by Broderick Perkins
11:43 PM, Jun. 23, 2011
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