Commentary: Regulators miss the point with QM rule

09/2/2013 | AmericanBanker.com (free registration)

Federal regulators "have effectively admitted defeat" in adopting the qualified-mortgage parameters for the qualified-residential-mortgage rule, ceding their rule-writing job to the Consumer Financial Protection Bureau, writes Hester Peirce, author of "Dodd-Frank: What It Does and Why It's Flawed." She writes that the QM rule from the CFPB "ignores the nuanced needs of American consumers" and does not accomplish the goals that the Dodd-Frank Act set out for the QRM rule.

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