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Inside Washington (05/31/2011)
* WASHINGTON (6/1/11)--A bipartisan group of 39 senators forwarded a letter Friday urging regulators to expand the proposed exemption from risk-retention rules mandated by the Dodd-Frank Act. The lawmakers said the 20% down payment required for a qualified residential mortgage (QRM) would prevent too many borrowers from obtaining loans (American Banker May 31). “The proposed regulation goes beyond the intent and language of the statute by imposing unnecessarily tight down payment restrictions,” the senators wrote. “These restrictions unduly narrow the QRM definition and would necessarily increase consumer costs and reduce access to affordable credit. Well-underwritten loans, regardless of down-payment, were not the cause of the mortgage crisis.” The proposal would implement provisions of Dodd-Frank requiring lenders to retain 5% of the credit risk for securitized loans. But the act also calls for QRMs to be exempted. The comment period ends June 10, but agencies have received many requests to extend the comment period, said the Banker


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