The QRM Rule is Imminent, or Maybe Not

Late this week rumors were floating around Washington that the final 'qualified residential mortgage' test rule might be released (unleashed?) in a matter of days. But apparently there's a hang up and mortgage lobbyists say it's FDIC chief Sheila Bair who is still insisting that servicing standards be addressed at the same time. The Comptroller of the Currency (apparently) is adamant that servicing not be part of the QRM (or so we're told) and is working on convincing Ms. Bair. We shall see. Meanwhile, whatever QRM rule is unveiled it likely will be altered. In other words, when it finally comes out in late March, the mortgage and banking industries will scream holy hell and flood the nation's capital with lobbyists. Let's just hope it happens before the Cherry Blossom festival because hotel rooms can be hard to come by in Washington…