The proposed QRM rule] is a horrible requirement for the home mortgage business. We certainly do not need to go back to poor lending habits, but we do need to have in place programs that allow people who CAN purchase a home do it. This QRM proposed rule will continue to kill the housing market and other business entities that feed off of the housing market.
As stated by Joel Luebkeman, director of marketing and product development for the GMC Mortgage Insurance Co., it is estimated that under this rule 2.7 million borrowers in 2010, or 40% of home loans, would not have met the QRM definition. This is a horrible rule if you're trying to improve the economic climate in this country. I urge a much lesser downpayment requirement and more relaxed requirements on the past 24 months credit history.
David Knox, CEO
Georgia Coastal FCU, Brunswick, Ga.