Because lenders have shown that they can’t necessarily be trusted to evaluate potential borrowers, the federal government will be setting standards that lenders must used to determine whether someone can repay a loan.

No, I’m not being snarky about lenders. That’s the sentiment of Consumer Financial Protection Bureau Director Richard Cordray.

When discussing the forthcoming QA rule — which tells lenders what they have to consider when deciding whether a borrower has the “ability to repay” — Cordray quipped, “You wouldn’t think that you would really need a rule that a lender would have to pay attention to whether or not a borrower could repay a loan.”

The definition of a qualified mortgage — a QM (not to be confused with QRM, which is a stricter standard) — is expected this summer.