Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

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

RSS print
News Now LiveWire
#FreeGasFriday courtesy of @tvfcu, TN #creditunions
12 hours ago
If you were unable to watch or attend @cuna 's @thehill Hill forum on Wed., you can now watch the archived version:
13 hours ago
Time is running out. If you haven't taken the #NewsNow readership survey, please click here now:
13 hours ago
African financial inclusion possible with mobile money: @IMFNews study
14 hours ago
Louise Herring's birthday is Saturday. 105 years later, her legacy lives on through her kids
15 hours ago