When it comes to qualified residential mortgages (QRM), industry and consumer groups like to say they are united, arguing that too strict a QRM definition will result in disqualifying many otherwise creditworthy borrowers. But not everyone is of that mindset.

At last week's American Association of Residential Mortgage Regulators in San Francisco, the executive director of a non-profit legal service that focuses on foreclosures said she has no problems with requiring borrowers to have a 20% downpayment, especially if, as some have warned, cash-strapped home buyers are pushed into loans insured by a less-demanding Federal Housing Administration (FHA).

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