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Diane Publishing Books
Ability to Repay, Risk-Retention Standards, and Mortgage Credit Access
Darryl E. Getter (au)
Prior to the recent financial crisis, mortgage underwriting standards were relaxed to the point where many borrowers could only repay their loans if favorable financial conditions that existed at the time of origination remained intact. In other words, borrowers obtained mortgage loans that relied upon interest rates not rising or the value of the underlying collateral (house prices) not declining. When market conditions changed, however, many mortgage loans became delinquent and went into default, resulting in large losses for both the borrowers and the financial industry. After enactment of The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act; P.L. 111-203), the Federal Reserve Board announced a proposed qualified mortgage (QM) rule that would establish ńˇýability to repayńˇŁ standards for mortgage lending. The Federal Reserve and other federal regulatory agencies, also jointly released a proposed risk retention or qualified residential mortgage (QRM) rule to require parties involved in a transaction in which mortgage originations are sold to retain ńˇýskin-in-the-gameńˇŁ or a minimum percentage of the credit risk of financial products, which would result in the sharing of any eventual losses. Contents of this report: Introduction; Overview of Regulatory Actions; Risky Mortgage Underwriting and Financing Practices (Type 1 Errors); Implications of QM and QRM Rules on Mortgage Credit Accessibility. Table. This is a print on demand report.
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