Final clarify from the Consumer Finance Protection Bureau (CFPB) as to what constitutes a "qualified mortgage" (QM) under Dodd-Frank legislation will be key to the continued development of the private label market for U.S. residential mortgage backed securities, according to Fitch Ratings.

In an outlook on the sector released Tuesday, Fitch noted that the lack of a clear definition is one issue that has held back issuance.

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