The Coalition for Sensible Housing Policy
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Statement on the Need for Regulators to Finalize the QRM Rulemaking

JANUARY 9, 2013

“Now that federal regulators issued the Qualified Mortgage rule, it is important they complete the next step, which is to finalize the Qualified Residential Mortgage (QRM) rulemaking. Regulators were correct to reconsider their original QRM proposal, because imposing additional down payment requirements beyond those that have historically been required, such as a 20 or even a 10 percent down payment, would keep millions of credit-worthy borrowers out of the housing market, block private capital from competing throughout all segments of the market, prolong the housing crisis, and maintain the government’s overly large footprint on the housing market.  Instead, regulators should preserve a role for prudently underwritten, privately-insured low down payment loans. As a diverse coalition of lenders, real estate professionals, and consumer and civil rights advocates, the Coalition for Sensible Housing Policy calls on regulators to propose a revised QRM definition that tracks the QM in order to ensure that all qualified borrowers have access to affordable and safe mortgage credit." 

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