Qualified Residential Mortgage (QRM)

By
Real Estate Agent with Jim Free Realty

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Senator Marco Rubio of Florida has joined the fight to stop our policy makers who are suggesting that a 20% downpayment be required for a mortgage loan.  Senator Rubio has sent letters to FDIC, Department of Treasury, Comptroller of the currency, HUD, SEC and the Federal Housing Finance Agency. The Qualified Residential Mortgage (QRM) and Qualified Mortgage (QM) Rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act. If lenders make loans under the QRM rules the loan can be sold in the secondary market. If the lender makes a loan that does not comply with QRM the lender can still sell in the secondary market but will have to maintain some ownership of the mortgage so it is likely that lenders will make all QRM loans. 

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Anonymous
James Brown

I was just reading a similar article talking about the new legislation regarding QRM’s and how it will affect a person’s ability to buy a home, and I think especially with the recent economic situation a 20% down payment requirement is unreasonable for home buyers to have to pay. I wrote a letter to HUD telling them that I would like to see the government take into consideration the full picture of the home buyer and I DO NOT agree with this increase. I hope you will do the same!

 Here is the link http://www.homeowneractioncenter.com/?utm_source=Hacblog&utm_medium=banner&utm_content=narpub&utm_campaign=qrm2011

Jul 26, 2011 05:02 AM #1
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