Schneider Quoted in HousingWire on Qualified Mortgage Rule

CFPB to review QM rule
– HousingWire

Manatt Financial Services Partner Bryan Schneider was quoted in a HousingWire article about the Consumer Financial Protection Bureau (CFPB) will be reassessing some rules, including the Qualified Mortgage (QM) rule that created “safe harbor” standards for improper underwriting counterclaims during a foreclosure.  

In a blog post, the CFPB said it would be reviewing rules that have either been inherited from other agencies, published in the agency’s first 10 years of operation or tested in the market for several years. However Schneider told HousingWire the QM rule doesn’t fit into those categories.  

“It’s fair to say we’re going to be reviewing rules inherited from other agencies, or rules where there is in fact a lot of marketplace experience,” Schneider said. “But this particular rule doesn’t fit into that rubric very well, and instead leads to greater confusion.” 

Read the full article here.  



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