Nov 24, 2015
Last wednesday,the House of Representatives passed a pretty big change to what a "Qualified Mortgage" is. We are going to take some time to look it over and see if it makes sense. The important thing to keep in mind is that designating something a "Qualified Mortgage" for the government can translate into - if it fails, tax payers are on the hook! That means you and me. The other important thing to remember is that this changes rules that were in place when the last downturn occurred. So they are talking about making the rules MORE lax than they were during the worst lending catastrophe of any of our lifetimes. So no worries there.