Sometime in June, the long-awaited final qualified mortgage rule will be released. Considerable speculation and debate over variations of the rule have taken place since it appeared in the Dodd-Frank Act. Its ultimate form has implications for access to mortgage credit, its cost, and contingent legal liability, among others.

The original language describing a qualified mortgage was written more from the perspective of a policymaker attempting to draft rules addressing certain market deficiencies rather than as an effective set of underwriting guidance for establishing a borrower's ability-to-pay their mortgage.

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