In January, the Consumer Financial Protection Bureau released its qualified mortgage, or ability-to-repay, provisions. The rule drew praise from some for including a safe-harbor provision for lower-risk loans and saving a rebuttable presumption standard for higher-risk mortgages. However, many trade professionals still voiced concern as they dug through the complex guidelines of the rule, which is set to take effect in January 2014.
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Nonprofits — the Cuyahoga Land Bank, NeighborWorks America, Rebuilding Together, the National Association of Hispanic Real Estate Professionals, PCV|VRM Seeds of Hope and many more local organizations — are investing significant resources to improve America’s most vulnerable housing markets.