by Mike ‘Mish’ Shedlock
Here we go again. The mortgage lending industry seeks to eliminate debt-to-income rules for home buyers.
At the peak of every boom comes one final act of repetitive stupidity. This may be it.
Please consider CFPB Moves to Eliminate Mortgage Debt-to-Income Rule for Borrowers.
In a letter CFPB Director Kathy Kraninger sent to Congress today, the CFPB asked to amend the Ability to Repay/Qualified Mortgage rule (ATR/QM rule) in order to remove DTI as a qualifying factor in mortgage underwriting.