On the recordFebruary 27, 2014
I would just say to my friends on the other side of the aisle--and the gentlelady from Wisconsin, I would draw her attention to the Federal Reserve bulletin, November 2013, Volume 99, No. 4, page 37, that clearly shows, again, according to the Federal Reserve, that 34 percent of Blacks and 32 percent of Hispanics would not meet the new QM standard based upon the 43 percent debt-to- income requirement. Now, this is Federal Reserve data. If the gentlelady or any other Member on the other side of the aisle wishes to refute this data from the Federal Reserve, they are certainly free to do so on their time. But again, I am not going to go on record saying this is fair. I haven't heard anybody rebut what CoreLogic has said, that when fully implemented, half of today's mortgages would not qualify under the QM rule. This is not fair. Mr. Chairman, somebody has to protect consumers from the CFPB. Consumers, yes, they have to be protected from Wall Street, but they have to be protected from Washington as well. You do not protect consumers by having unelected, unaccountable bureaucrats in Washington whose average salary is over $175,000--salary and benefits--to somehow say: I am from Washington. I am smarter than you. I will decide whether or not you get a mortgage. It is arrogant; it is unfair; it is abusive. It must stop. We should reject the gentlelady's amendment, and we should adopt the underlying legislation. I yield back the balance of my time. The Acting CHAIR.…
