Lenders, already facing the legal risks due to the Consumer Financial Protection Bureau’s ability-to-repay rule, may face further problems trying to make sure loans originated for sale to Fannie Mae and Freddie Mac can actually be delivered to the government-sponsored enterprises. The Federal Housing Finance Agency this week said the GSEs will be prohibited from buying anything other than qualified mortgages, as that term is defined by the ATR rule. The directive rules out interest-only loans – Fannie has purchased a smattering of these loans but Freddie shut down its IO program a while ago – and mortgages with terms exceeding 30 years, a product neither GSE buys. The troublemaker in the policy is...