On Dec. 8, the Mortgage Bankers Association (MBA) and several other trade associations sent a letter to the U.S. House of Representatives Committee on Rules requesting the committee make in order a bipartisan amendment to HR 4173, the Wall Street Reform and Consumer Protection Act of 2009 to require regulators to establish a category of mortgage loans that would be exempt from the bill's risk retention requirements. The exemption for qualified mortgage loans is consistent with the approach the House endorsed in May when it passed HR 1728, the Mortgage Reform and Anti-Predatory Lending Act.
Click here for a detailed summary of HR 4173.
Click here to view a copy of the letter sent by MBA.
For more information, visit www.mortgagebankers.org.