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Industry Groups React to QM; One Third of US Homes Mortgage Free
Posted to: Daily Newsletter
Thursday, January 10, 2013 7:05 PM

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Jan 10, 2013 2:09PM

Industry Groups React to QM

Many industry groups have commented this morning on the final Qualified Mortgage/Ability to Repay rule issued today by the Consumer Financial Protection Bureau (CFPB). Most of the comments received so far have been generally favorable and have lauded CFPB and the process they used in arriving at the rule. Here is a sampling of the comments we have received. Debra Still, Chairman, Mortgage Bankers Association (MBA) said that MBA agrees that the goal of the regulations, ensuring that borrowers receive...

Jan 10, 2013 7:51AM

CFPB Releases Final Rule on Ability to Repay, Leaves Back Door Open on DTI

The final rule to implement those parts of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act relating to consumers ability to repay home loans was released by the Consumer Financial Protection Bureau (CFPB) today. The rule will take effect on January 10, 2014. CFPB also released a proposal to seek comment on possible adjustments to the final rule for certain community-based lenders, housing stabilization programs, certain refinancing programs of Fannie Mae and Freddie Mac (the GSEs...

Micro News

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Treading Water At Weaker Levels Into The Close

3:10 PM:

Brief Pull-Back On Bullard Comments. FOMC Shell-Shock Persists

1:34 PM:

Moderately Strong 30yr Auction Lifts Bonds To Best Levels

10:21 AM:

ECON: Wholesale Sales Rise Most Since 3/11, Inventories Slightly Higher

10:10 AM:

Bond Markets Finally Make A Break, But In Wrong Direction

8:37 AM:

ECON: Jobless Claims Slightly Higher Than Expected

3:02 PM:

MBS Hit Two Day Highs, Positive Reprices Not Inconceivable

1:37 PM:

Following Weak Auction, Bond Market Weakness Only Temporary

Around the Web

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Sessions: Lew Must 'Never' Be Treasury Secretary

CFPB Tightens Mortgage Lending Rules

Today's Comments

Frank Ceizyk

"I wish we could get more details of the "excessively tight underwriting" Mr. Yun mentions that is stopping buyers who have 20% to put down, and..."

Frank Ceizyk

"The story is no longer about exceptions to the rule, but about the growing breadth of the housing recovery even as overly strict mortgage requirements..."

Judy Holland

"Great information!"

Today's Q&A

"Who can I contact about the bank Robo-Signing my loan papers? "

"escrow account on refinance"

"Can a spouse refinance a mortgage loan in one name without the signature of the other spouse?"

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More From MND

Mortgage Rates:
  • 30 Yr FRM 3.63%
  • |
  • 15 Yr FRM 2.92%
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  • Jumbo 30 Year Fixed 3.60%
MBS Prices:
  • 30YR FNMA 4.5 108-31 (0-01)
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  • 30YR FNMA 5.0 110-24 (-0-01)
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  • 30YR FNMA 5.5 111-26 (-0-04)
Recent Housing Data:
  • Mortgage Apps 10.03%
  • |
  • Refinance Index 11.33%
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  • Purchase Index 8.43%