NCRC Statement on Final QRM Rule

NCRC Statement on Final QRM Rule

Washington, DC – October 23, 2014 – (RealEstateRama) — Today, in reaction to the adoption of a final credit risk retention rule by federal regulators, NCRC President and CEO John Taylor made the following statement:

“We are pleased that regulators have aligned the definition of a Qualified Residential Mortgage with the definition of a Qualified Mortgage, and that the final rule does not include the previously proposed 20% down payment requirement and credit score criteria for borrowers. Those requirements would have needlessly excluded creditworthy borrowers from the mortgage market. The final rule will help to ensure safe and sound lending and prevent unsustainable, risky loans.”

About the National Community Reinvestment Coalition (NCRC):

The National Community Reinvestment Coalition is an association of more than 600 community-based organizations that promote access to basic banking services, including credit and savings, to create and sustain affordable housing, job development, and vibrant communities for America’s working families.

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NCRC

The National Community Reinvestment Coalition (NCRC) was formed in 1990 by national, regional, and local organizations to develop and harness the collective energies of community reinvestment organizations from across the country so as to increase the flow of private capital into traditionally underserved communities. 

NCRC has grown to an association of more than 600 community-based organizations that promote access to basic banking services including credit and savings, to create and sustain affordable housing, job development and vibrant communities for America's working families.

Contact:

NCRC
727 15th Street, Suite 900
Washington DC 20005

Phone: 202 628-8866
Fax: 202 628-9800

Media contact:
Jesse Van Tol
Phone: (202) 464-2709

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