Urban Institute: Qualified Mortgage impact overblown

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New rules have only slightly slowed mortgage lending

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Kovacevich says fine is political and has “nothing to do with justice”

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Loans date back to Countrywide and Merrill Lynch
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Iowa AG looks to foreclosure deal within 2 months

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The Iowa attorney general, who is leading the 50-state probe into mortgage foreclosure problems, said on Monday that he hopes to have a settlement with the nation's biggest banks in the next two months. U.S. regulators and a coalition of state attorneys general are negotiating with the biggest mortgage lenders, including Bank of America Corp., JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. The probe is the result of problems that burst into public view last year of banks taking possibly illegal shortcuts in some foreclosure proceedings, such as using "robo-signers" to sign hundreds of unread documents a day.

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