Cordray Downplays Significance of a Potential Safe Harbor in CFPBs Pending Ability-to-Repay Rule
September 27, 2012
Just three months before the deadline for finalizing a highly controversial rule requiring lenders to determine a borrowers ability to repay, the Consumer Financial Protection Bureau still has not decided the key issue of how much legal protection lenders will get by meeting the still-undefined qualified mortgage standard. And the CFPBs top official said the legal insurance blanket preferred by most mortgage lenders and their attorneys a safe harbor, rather than a rebuttable presumption may not provide as much protection as the industry is hoping for. The safe harbor versus rebuttable presumption comparison is...