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Hearing defines baseline for measuring impact of QM rule
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Consumer Protection
Sunday, January 19, 2014
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U.S. House lawmakers weighed the potential impact of the ability-to-repay rule’s qualified mortgage provisions during a Jan. 14 hearing before the Financial Institutions and Consumer Credit Subcommittee. The Consumer Financial Protection Bureau’s ATR/QM rules took effect on Jan. 10, and it may be some time before policymakers have the data needed to determine how the mortgage market is responding to the rule. However, lawmakers said the hearing would provide a baseline against which they will gauge the rule’s effects. Read on for the details.
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