Fannie Mae-No Politics (FNMA)

[Robert from yahoo bd]

I think Susan Wachter and the MBA, NAR, and NAHB are concerned that the CFPB Case SCOTUS ruling in June 2024 would POTENTIALLY get rid of the Qualified Mortgage Requirements as promulgated and regulated and I believe required by the Dodd Frank Act by the CFPB.

Recall that the QM Rule basically says that the Mortgagor must be able to be pay back the Mortgage when underwritten, that the Mortgage Originator must document that thoroughly in the loan file, AND the Originating Lender will have to BUY BACK THE LOAN if they don't. This was the primary cause of the Great Financial Crisis.

Just read the Amicus Brief of the MBA, NAR, and NAHB.

http://www.supremecourt.gov/DocketPDF/22/22-448/266839/20230515120807734_230503a%20Amici%20Curiae%20Brief.pdf

TABLE OF CONTENTS
Page
TABLE OF AUTHORITIES ..................................... ii
INTEREST OF AMICI CURIAE.............................. 1
INTRODUCTION AND SUMMARY OF
ARGUMENT....................................................... 2
ARGUMENT ............................................................. 5
I. Ruling In A Manner That Calls Into
Question All Of The CFPB’s Rules Could
Destabilize The Mortgage Market..................... 5
II. If Ruling For Respondents, The Court
Should Take Steps To Limit The Scope
And The Adverse Consequences Of Such A
Ruling................................................................ 16
A. This Court should sever the offending
provisions from the funding statute........... 16
B. This Court also should grant de facto
validity to the CFPB’s past actions not
challenged here. .......................................... 19
CONCLUSION........................................................ 23