Mortgage lending standards are very tight today and the newly finalized qualified mortgage rule is not designed to make it tighter, according to Consumer Financial Protection Bureau director Richard Cordray.

Speaking at a credit union conference, Cordray stressed that that criteria for QM loans requires lenders to assess the ability of borrowers to repay the loans. And the “criteria for qualified mortgages are intended to describe only the least-risky loans that can be offered to consumers,” he said.

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