More lawmakers (including VA congressmen) join the QRM-reduction fray

More lawmakers have signed a letter to Federal regulators requesting them to lower the 20% down payment on the qualified residential mortgage. This puts the number of lawmakers opposing the 20% rate at more than 320, according to NAR. Virginia lawmakers Bob Goodlatte and Rob Wittman join Gerry Connolly, Robert Hurt, James Moran, and Frank Wolf in standing up for reasonable home mortgage standards.

You can read more about QRMs here (Housing Wire) and here (VARealtor.com).

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