Revised Proposal Conforms Qualified Residential Mortgage Definition to Definition of Qualified Mortgage

On September 20, 2013 the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the U.S. Securities and Exchange Commission, the Federal Housing Finance Agency, and the Department of Housing and Urban Development (collectively, the Agencies), jointly published in the Federal Register a reproposal of credit risk retention rules (Reproposed Rule) in order to, among other changes, conform the definition of a Qualified Residential Mortgage (QRM) to the definition of a Qualified Mortgage. This change in the definition of a QRM is in response to concerns raised regarding the Agencies' original proposed QRM definition by industry participants, consumer advocacy groups, and members of the U.S. Congress. Comments on the Reproposed Rule are due by October 30, 2013.