April 28, 2017

Barr introduces qualified-mortgage relief bill

Rep. Andy Barr, R-Ky., on Friday introduced the NAFCU-backed Portfolio Lending and Mortgage Access Act, H.R. 2226.

A similar bill from Barr was passed by the House in 2015.

H.R. 2226 would provide a safe harbor from certain qualified mortgage requirements for residential mortgage loans held on a mortgage originator's portfolio.

"We appreciate Rep. Barr's continued focus on meaningful regulatory relief and look forward to working with him on this legislation," said NAFCU Vice President of Legislative Affairs Brad Thaler.

In a statement, Barr said the bill would "expand access to mortgage credit and the American dream of homeownership without producing the risky originate-to-distribute practices that caused the financial crisis."