Including a downpayment requirement in the ‘Qualified Residential Mortgage’ (QRM) rule will create an unnecessary barrier to homeownership for low- and moderate-income families, according to six consumer and fair housing groups.

In a letter to regulatory agencies drafting the QRM rule, the six organizations say there is strong opposition to including a 20% downpayment requirement in the rule which will determine what type of mortgages are exempt from risk retention.

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