June 3, 2011
Dear Ms. McGarry,
Thank you for writing me about the Dodd-Frank Wall Street Reform and Consumer Protection Act. I appreciate knowing your views.
The recovery of our housing market is critical to the overall economic well-being of our nation. However, it's important that we avoid the same mistakes we made that led to the housing bubble--more stringency on lending standards is necessary (though the extent of that stringency is up for debate).
I believe that following the intent and language of all public law--including the QRM (Qualified Residential Mortgage) exemption provision contained in the Dodd-Frank Act--is not only important, but a keystone of good governance. You'll be pleased to hear that I signed on to the Sherman-Campbell letter, which asked federal regulators (including Ben Bernanke and Mary Schapiro) to consider down payments (lower than 20%) that have mortgage insurance as constituting a QRM.
Again, thank you for contacting me about this important issue. If you have any further concerns, feel free to call my Washington, D.C. office and speak with a member of my staff at (202) 225-7751. I also encourage you to sign up for my e-newsletter by visiting my website at www.chaffetz.house.gov.
Sincerely,
Jason Chaffetz
Member of Congress
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