Start watching video at about the 2:40 mark for information above.
“Yes that’s right, the CFPB and other government agencies are saying that if lenders decide to only fund QM Safe Harbor loans which will result in less loans being made to minorities and low income families they won’t be in violation of anything. Nothing to worry about! Uh, really? How about all the Civil Rights and Fair Lending groups and organizations out there. Think they’re cool with it? Uh, no.”
“We know what’s going to happen. Do you? Sure you do. The lenders will get sued anyway. It’s not like the CFPB is going to show up in court and say “oh you don’t understand, this all okay because we said so”. NOT. What a joke. This is how the Fed’s are going to get out of the “Fannie Mae, Freddie Mac” business. They’re just going to make it impossible to do a loan with them. Kind of clever actually. By doing this, other companies and investment groups will rise up and find a way to fund the still awesome loans left on the table that didn’t met the down payment requirements for QM Safe Harbor.”