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Congressional Intent Regarding The Qualified Mortgage Provision, Raymond Natter May 2012

Congressional Intent Regarding The Qualified Mortgage Provision, Raymond Natter

Raymond Natter

The Consumer Financial Protection Bureau (CFPB) is currently considering a regulation that could well have a significant impact on the cost and availability of mortgage loans in the United States. The regulation is intended to implement the Qualified Mortgage (QM) provisions in the Dodd-Frank Act. These provisions impose significant legal liability on any mortgage originator that does not make a determination before making a mortgage loan that the borrower has a “reasonable ability to repay” the loan, before the mortgage is made. In light of the subjective nature of this standard, the Dodd-Frank Act also establishes a safe harbor for …


The Financial Services Industry's Misguided Quest To Undermine The Consumer Financial Protection Bureau, Arthur E. Wilmarth Jr. Jan 2012

The Financial Services Industry's Misguided Quest To Undermine The Consumer Financial Protection Bureau, Arthur E. Wilmarth Jr.

GW Law Faculty Publications & Other Works

Congress decided to establish the Consumer Financial Protection Bureau (“CFPB”) after concluding that federal bank regulators had utterly failed to protect consumers during the credit boom leading up to the financial crisis. Because of the prudential regulators’ systemic failures, Congress vested CFPB with sole responsibility and clear accountability for protecting consumers of financial services. Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act delegates broad rulemaking and enforcement powers to CFPB. To insulate CFPB from political influence, Title X grants CFPB substantial autonomy as well as an assured source of funding from the Federal Reserve System.

The …