UNDATED (WHTC) -- A bill that is engineered to improve access to credit and qualified mortgages for low and moderate income borrowers and also protect consumers from bad loans passed in the U.S. House by a unanimous vote on Monday night. Michigan Congressman Bill Huizenga along with Representative Gregory Meeks of New York, introduced the bipartisan bill. Huizenga says that the common sense changes will insure that safer, properly underwritten mortgages will pass the QM test. The QM or Qualified Mortgage Ability to Repay Rule went into effect earlier this year. H. R. 3211, the Mortgage Choice Act, amends and clarifies the QM.
Story by: Diane E Coston