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Lawmakers warn of potential QM fallout
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Consumer Protection
Tuesday, May 28, 2013
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Some members of Congress want the Consumer Financial Protection Bureau to make significant changes to its new ability-to-repay rule. Lawmakers on both sides of the aisle recently challenged bureau representatives on numerous issues ranging from the rule’s 3-percent cap on points and fees for qualified mortgages to the bureau’s ability and willingness to change the rule in the event it fails to function as expected when it takes effect in January 2014. Read on for part one of this two-part series.
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