One month ago, federal regulators weren’t sure they would have a final rule for qualified residential mortgages (QRMs) approved by the end of the year.
Now, the Board of Governors of the Federal Reserve has announced it will meet Oct. 22 to discuss the final rule. The meeting is set for 3:30 p.m. and will be held in open session.
More than a year ago, the QRM rule was re-proposed by the six regulatory agencies named in the Dodd-Frank Act to implement it. The Dodd-Frank Act requires regulators to establish criteria for QRMs, mortgages that will be exempt from risk-retention requirements within the act.
QRM rules first were proposed in 2011, but after backlash from the housing industry and consumer advocates, new proposed rules were issued in August 2013.
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