MBA Files Comment Letter on Risk Retention
The Mortgage Bankers Association (MBA) has sent a letter to six regulators responding to the re-proposed Risk Retention rule. In particular, MBA expressed strong support for aligning the Qualified Residential Mortgage (QRM) definition with Qualified Mortgage (QM) and also thanked the regulators for eliminating the Premium Capture Cash Reserve Account (PCCRA). MBA strongly opposes the alternative approach whose 30 percent downpayment requirement and onerous credit history standards would have restricted access to credit and raised costs on low to moderate income and first-time homebuyers, as well as minority borrowers. Click here to view a copy of the MBA's letter.