The push by banks and consumer advocates to expand the "qualified residential mortgage" exemption to pending risk-retention requirements ultimately boils down to this: it should be the rule, not the exception.

While regulators have said Congress meant for the QRM to be a narrow category of super-safe loans, the industry and consumer groups fundamentally do not see it that way, arguing that it will be, in effect, the new normal that shuts out or penalizes other creditworthy borrowers.

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