Enemies of Risk Retention
August 17, 2011 11:00 PM
Sen. Kay Hagen
Sen. Kay Hagen, D-N.C., helped create the QRM exemption in the reform law, but thinks regulators went too far. "I urge the regulators to go back to the drafting table." (Image: Bloomberg News)
David Stevens
David Stevens, the president of the Mortgage Bankers Association, opposes both the downpayment requirement in QRM and its debt to income restrictions. "Data shows that it would needlessly limit homeownership opportunities for well-qualified borrowers, while at the same time offering little corresponding benefit preventing defaults," Stevens said in a June press release. (Image: Bloomberg News)
Ellen Harnick
Ellen Harnick, the senior policy counsel at the Center for Responsible Lending, has said QRM should not be the exception, but instead the rule. "Ideally, these should be the loans of choice for most borrowers," Harnick has said.
Frank Keating
Frank Keating, the president of the American Bankers Association, argues the QRM proposal "goes far beyond what Congress intended, mandating a minimum 20% downpayment and severely narrow credit history requirements, restrictions that will shut the door to home ownership for many otherwise qualified buyers." (Image: Bloomberg News)
Ron Phipps
Ron Phipps, the president of the National Association of Realtors, said the plan "should be withdrawn, revised and republished for public comment. If not, then millions of hard-working, creditworthy consumers will not be able to achieve their dreams of owning a home."
Jerry Howard
Jerry Howard, CEO of the National Association of Home Builders, said the plan would result in "250,000 fewer home sales and 50,000 fewer new homes being built per year." (Image: Bloomberg News)
