When the federal Consumer Financial Protection Bureau ("CFPB") last summer issued its Advance Notice of Proposed Rule Making to revise the definition of a "Qualified Mortgage" under the Dodd-Frank Act’s "ability to repay requirements," all of the single-family housing finance advocates went into high gear. Particularly concerning was the CFPB’s announcement that it did not intend to renew the so-called "GSE Patch," which by its terms expires on January 1, 2021, and provides a "safe harbor" compliance presumption for loans eligible for sale to Fannie Mae and Freddie Mac. This Legal Update examines two key open issues.

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