JPMorgan Chase chairman Jamie Dimon recently sat down with analysts at Citigroup Global Markets and told them what many smaller players in the mortgage business have believed all along: that a 20% downpayment definition on the 'qualified residential mortgage' (QRM) test will benefit the nation's megabanks.

A Citigroup analyst report on Dimon's comments angered nonbank mortgage firms and smaller depositories alike. In a press statement, Community Mortgage Banking Project managing director Glen Corso said: "You heard it straight from the top – a 20% down payment requirement creates a huge advantage for the 'too-big-to-fail' banks," said Corso.

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