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Corker Asks Regulators to Simplify, Synchronize Mortgage Lending Rules and Avoid Permanently Keeping Taxpayers on the Hook for Fannie and Freddie
WASHINGTON – In a letter today, U.S. Senator Bob Corker, R-Tenn., a member of the Senate Banking, Housing and Urban Affairs Committee, urged federal banking regulators to simplify and synchronize underwriting standards for new mortgage lending rules to avoid permanently regulating the private sector out of the housing finance business. The qualified residential mortgage (“QRM”) being implemented under the Dodd-Frank Act currently exempts loans sold to Fannie Mae, Freddie Mac, and the Federal Housing Administration. If these standards do not match those defined in the qualified mortgage (“QM”) recently established by the Consumer Financial Protection Bureau, many lenders may only make loans that could be sold to Fannie, Freddie or the FHA, which
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Corker Asks Regulators to Simplify, Synchronize Mortgage Lending Rules and Avoid Permanently Keeping Taxpayers on the Hook for Fannie and Freddie
WASHINGTON – In a letter today, U.S. Senator Bob Corker, R-Tenn., a member of the Senate Banking, Housing and Urban Affairs Committee, urged federal banking regulators to simplify and synchronize underwriting standards for new mortgage lending rules to avoid permanently regulating the private sector out of the housing finance business. The qualified residential mortgage (“QRM”) being implemented under the Dodd-Frank Act currently exempts loans sold to Fannie Mae, Freddie Mac, and the Federal Housing Administration. If these standards do not match those defined in the qualified mortgage (“QM”) recently established by the Consumer Financial Protection Bureau, many lenders may only make loans that could be sold to Fannie, Freddie or the FHA, which
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