The U.S. Consumer Financial Protection Bureau (the “Bureau”) has released a proposal (the “Proposal”) to amend the Bureau’s recently issued final rules (the “Rules”) on the definition of a qualified mortgage (“QM”) and the establishment of ability-to-repay requirements (“ATR”). See our Dechert OnPoint, U.S. Consumer Financial Protection Bureau Issues Rules on Qualified Mortgages and Ability to Repay, for a more in depth discussion of the Rules. The Proposal aims to preserve access to credit for certain categories of consumers who may otherwise be adversely affected by the Rules. The Bureau is seeking public comments on the Proposal, which must be received by February 25, 2013. A discussion of the key aspects of the Proposal follows.
Read “U.S. Consumer Financial Protection Bureau Seeks Comments to Proposed Amendments to the Ability-to-Repay Requirements and Qualified Mortgage Rule.”