At the top of the regulatory ‘watch list’ for residential lenders is the ‘Qualified Mortgage’ rule commonly known as ‘QM.’ But whatever happened to the ‘Qualified Residential Mortgage’ regulation, the one that mandates 5% risk retention on the securitization of multiple asset classes? We’ve heard several rumors that regulators might actually kill the thing or at the very least keep sweeping it under the carpet. But one recent investment banking report we read predicts that a final rule will become the law of the land in late 2013 – a good 12 months from now. Jumbo securitizers are concerned, as are a handful of nonprime firms that – believe it or not – think they can securitize A- and B+ paper in the new year. But one clarification: these nonprime securitizations likely will be private deals.