Qualified Mortgage Rule Is One Of Many Dodd-Frank Boots To Drop

"The first thing that should be said about today’s 'qualified mortgage' rule is that it is just one of many new regulations the Consumer Financial Protection Bureau (CFPB) will issue under Dodd-Frank. Believe it or not, the 2,500 pages of Dodd-Frank contains both a 'qualified mortgage' rule and a 'qualified residential mortgage' rule, the latter of which has yet to be issued. And the powerful and unaccountable CFPB — subject to a lawsuit by the Competitive Enterprise Institute, the 60 Plus Association, and the State National Bank of Big Spring (Texas), a community bank — still has the incredibly broad power to ban a mortgage or any other financial product it deems 'abusive.'”