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During the years preceding the mortgage crisis, too many mortgages
were made to consumers without regard to the consumers' ability to
repay the loans. Loose underwriting practices by some creditors
including failure to verify consumers' income or debts and
qualifying consumers for mortgages based on "teaser" interest rates
after which monthly payments would jump to unaffordable levels
contributed to a mortgage crisis that led to the nation's most
serious recession since the Great Depression. Amid concerns that
risky mortgage products and poor underwriting standards contributed
to the recent housing crisis, Congress included mortgage reform
provisions (qualified mortgage (QM) and qualified residential
mortgage (QRM)) in the Dodd-Frank Wall Street Reform and Consumer
Protection Act. The Consumer Financial Protection Bureau's (CFPB)
regulations establishing standards for QM loans became effective in
January 2014. More recently, six agencies jointly issued the final
QRM rule that will become effective in December 2015. This book
discusses views on the expected effects of the QM and QRM
regulations, and examines the extent of agency planning for
reviewing the regulations' effects, among its objectives.
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