In an article released March 3, Edward Pinto and Peter Wallison, two fellows at the American Enterprise Institute (AEI), assert that the QM rule is “simply another and more direct way for the government to keep mortgage underwriting standards low.” While the two authors acknowledge that the rule’s provisions–described by them as “draconian”–would “probably have addressed the problem of low underwriting standards,” they say the lack of down payment or credit history requirements doom it to failure.

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