Lawmakers warn of potential QM fallout (Part 2)

Members of Congress on both sides of the aisle indicated they want the Consumer Financial Protection Bureau to make changes to its new ability-to-repay/qualified mortgage rule. Lawmakers recently challenged top bureau rule writers on numerous issues ranging from the rule’s 3 percent cap on points and fees for QMs to the CFPB’s ability and willingness to change the ATR/QM rule in the event it fails to function as expected when it takes effect in January 2014. Read on for the details.