On June 18, 2013, Community Associations Institute (CAI) submitted a report to the U.S. House Financial Services Committee Subcommittee on Financial Institutions & Consumer Credit called, “Examining How the Dodd-Frank Act Hampers Home Ownership.”
The Subcommittee’s hearing focused on the Consumer Financial Protection Bureau’s Qualified Mortgage (QM) rule, which implements key mortgage lending reforms required by the Dodd-Frank Act. The QM rule requires that mortgage originators reasonably verify borrowers have the ability to make payments under the terms of a mortgage loan before extending credit. The QM rule also mandates that terms and conditions of mortgage credit meet minimum consumer protection standards.
CAI supports mortgage lending and securitization reforms that ensure access to credit on reasonable terms for Americans who choose to live in a community association. Alternatively, CAI strongly opposes any aspects of new mortgage lending and securitization policies that treat homeowners choosing to live in community associations differently. To read the complete comments click here.
Community Associations Institute (CAI) | 6402 Arlington Blvd., Suite 500, Falls Church, VA 22042 | www.caionline.org | (888) 224-4321
