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Rural balloon QM legislation introduced in Senate
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Banking
Wednesday, August 13, 2014
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A U.S. Senator introduced legislation that would alter provisions of the Truth in Lending Act intended to ensure that consumers have access to balloon-payment mortgages from certain creditors operating in rural and underserved areas. The bill, introduced by Sen. Angus King, I-Maine, would set an overall originations threshold for institutions to be eligible to make balloon-payment qualified mortgages. The bill also would establish a new “rural” definition. Read on to learn about the bill.
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