The House Financial Services Committee (HFSC) will hold a hearing Tuesday morning, Jan. 14, 2014, on the effects of the Qualified Mortgage rule that became law two days before the scheduled session. HSFC Chairman Jeb Hensarling (R-TX) has long opposed the Dodd-Frank Act, saying the regulations unduly tighten credit for borrowers. He would do away with the government-sponsored enterprises (GSEs), MHProNews has learned, saying they keep out private lenders, which would be a better regulator of lending standards. The Subcommittee on Financial Institutions and Consumer Credit’s hearing, entitled “How Prospective and Current Homeowners Will Be Harmed by the CFPB’s Qualified Mortgage Rule,” will feature representatives from the Independent Community Bankers of America, the Mortgage Bankers Association (MBA), and the National Association of Federal Credit Unions (NAFCU), according to housingwire.com.
(Image credit: House Financial Services Committee)