Anti-QRM forces gathering steam

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.

 

About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
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One Response to Anti-QRM forces gathering steam

  1. Susan Mekenney says:

    This deadline extension for comments is a blessing and we, as realtors, should all take pen in hand and write to our elected officials and let them know, in our own words, why this is not good. Hand written letters from individual constituents is powerful.

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