Bloomberg Law
July 1, 2020, 9:31 AM UTC

CFPB Races the Clock in Qualified Mortgage Rule Rewrite

Evan Weinberger
Evan Weinberger
Assistant Managing Editor

The Consumer Financial Protection Bureau wants to provide more flexibility in determining what counts as a safer qualified mortgage, and is moving quickly to finalize a rule before a potential change in administrations.

The CFPB is proposing to eliminate a borrower debt-to-income ratio that has been a key measure for determining whether a mortgage is safe, and a lender is shielded from potential litigation, as part of a broader Trump administration push to take Fannie Mae and Freddie Mac out of government conservatorship.

The proposal to rewrite the qualified mortgage standard, unveiled June 22, comes with a brief 60-day comment ...

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