Political Quotes

“Mr. President, on August 28 of this year, the six Federal regulators of the banking industry reported out on their charge to promulgate a rule required by Dodd-Frank known as the QRM rule or the qualified residential mortgage. The qualified residential mortgage rule was a rule that Senator Landrieu, Senator Hagan, and I put into the Dodd-Frank legislation to provide for a parameter for residential mortgage loans to be exempted from the risk retention requirements of Dodd-Frank if they met a certain standard. These regulators were charged with establishing that standard. That law passed over 5 years ago and we are just now getting the promulgation of the rule, but I am happy to say I rise on the floor of the Senate to memorialize my support for a job well done. The qualified residential mortgage rule, which is being circulated now until October 28, is the right answer for the requirement of Dodd-Frank and for the American housing industry. For the education of the Senate and the public at large, the Dodd- Frank law, in its desire to make sure loans that were underwritten were better underwritten and loans that were made were better made loans so there would be less default and less problems in the housing industry, required the banking industry to make only qualified residential mortgages as defined.…”