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"QM is a lot of noise and paperwork, but at the end of the day as long as Fannie and Freddie are in [conservatorship], it almost doesn't matter," says Michael Kime, at W.J. Bradley Mortgage, a Colorado lender.

Six Months Later, Does the QM Rule Still Matter?

When the qualified mortgage rule took effect in January, many predicted the rule would stifle lending to low-income and minority borrowers. But a credit crunch never materialized, thanks to exemptions given to federal mortgage agencies.

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