Political Quotes

“Mr. Speaker, I rise today to speak in favor of H.R. 1153, the Mortgage Choice Act of 2017. This bipartisan legislation is essential to help low- and middle- income families gain access to qualified mortgages. I commend Chairman Hensarling and Congressman Huizenga for their work on shepherding this bill through the legislative process. Policymaking is complex, and Congress and Federal regulators do not always get it right. We need to sometimes make changes to address new issues and unintended consequences that arise. As we have seen for the past few years, the Dodd-Frank Act--and let me add that there are many of us in the real estate business and on bank boards who saw the effects of Dodd-Frank not allowing banks to go into the communities that need them the most--contains certain provisions that fit one or both of these categories and must be changed through legislative action. One of these policies is the CFPB's qualified mortgage, or QM, rule. The QM rule is intended to protect lenders from legal liability and provide compliance certainty for mortgage loans that are low risk and meet certain criteria. One of those criterion requires a mortgage loan's total points and fees not to be in excess of 3 percent of the loan's value. Unfortunately, the points and fees rule often depends on who is making the loan and how title insurance is obtained, which is confusing for both consumers and businesses providing these services.…”