How bad will QM hurt homeowners and home buyers?
House Financial Services Committee wants answers (already)
The House Financial Services Committee will hold Tuesday morning the second in a series of meetings on the effects of the Consumer Financial Protection Board’s Qualified Mortgage rule, a rule that only went into effect two business days prior to the scheduled hearing.
The Subcommittee on Financial Institutions and Consumer Credit’s hearing, entitled “How Prospective and Current Homeowners Will Be Harmed by the CFPB’s Qualified Mortgage Rule,” will feature the following as witnesses:
- Jack Hartings, Chief Executive Officer, Peoples Bank in Coldwater, Ohio, on behalf of the Independent Community Bankers of America
- Bill Emerson, Chief Executive Officer, Quicken Loans, on behalf of the Mortgage Bankers Association
- Daniel Weickenand, Chief Executive Officer, Orion FCU, on behalf of the National Association of Federal Credit Unions ?
The Subcommittee held its first hearing on this subject on May 21, 2013.
HFSC Chair Jeb Hensarling, R-TX, has been a longtime critic of the QM rule, and he has spent the past few years pushing back against that and other aspects of the Dodd-Frank Act, saying that these regulations force lenders to tighten the lending spigots, even for the safest of borrowers and that keeping GSEs in a preferred position keeps out private capital, which would be a better regulator of lending standards.Full coverage on HousingWire.com tomorrow.