Mortgage securities investors have as much at risk as lenders from the emerging ability-to-repay consumer protection standard because borrowers will be able to challenge compliance with far fewer time restrictions, according to the American Securitization Forum. In a comment letter to the Consumer Financial Protection Bureau, the ASF urged the agency to set objective and clear standards for qualified mortgages which will satisfy the ability-to-repay underwriting requirement imposed by the Dodd-Frank Act and a legal safe harbor. Otherwise, the resulting significant risk and costs of potential litigation will constrain investors from purchasing...