Jun 15, 2011
Anti-QRM forces gathering steam
15 Jun 2011
Posted by Andrew Kantor
OK, while — as Realtors (and their supporters), we vehemently oppose the proposed Qualifying Residential Mortgage rules. Asking for 20% down to get the best rates is foolish at best, and will probably grind the housing market to a halt.
We’ve been banging this drum for some time, and bit by bit it’s been gaining the public’s attention. In the last few days, in fact, it’s been picked up by both MSNBC (“Proposed rules could shut many out of housing market“) and the Washington Post/Bloomberg (“Federal housing proposal would toughen debt restrictions on mortgages“).
The six Federal agencies tasked with defining what makes a mortgage “qualifying” had set June 10 as the deadline for comments, but then extended that period till August 1. That — plus the increasing press coverage — could indicate the feds are rethinking what makes a QRM.