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HUD issues qualified mortgage final rule
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Wednesday, December 18, 2013
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The U.S. Department of Housing and Urban Development (HUD) released its final rule on Dec. 11 regarding what constitutes a “qualified mortgage” (QM) as mandated under the Dodd-Frank Act.
The final rule, which takes effect Jan. 10, 2014, specifies the types of mortgages that can be insured, guaranteed or administered by the HUD.
The QM provisions have been established to protect the housing market by ensuring that potential homebuyers can fulfill their mortgage payment obligations. The lax lending restrictions in place pre-housing crash have been singled out as a main contributor to the explosion of defaults and foreclosures seen in the market in the past several years.
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