Today, the House Committee on Financial Services unanimously passed H.R. 3211, The Mortgage Choice Act of 2013, introduced byCongressman Bill Huizenga (MI-02). H.R. 3211 is a bipartisan piece of legislation that would amend and clarify the qualified mortgage definition in the Dodd-Frank Act thereby improving access to credit and qualified mortgages for low and moderate income borrowers while protecting consumers from bad loans. Following passage, Congressman Huizenga released the following statement on The Mortgage Choice Act of 2013:
"The goal of H.R. 3211 is to help low and middle income borrowers as well as prospective first-time homeowners realize a portion of the American Dream: owning their own home. This legislation is narrowly focused to promote access to affordable mortgage credit without overturning the important consumer protections and sound underwriting required under Dodd-Frank's 'ability to repay' provisions. I am glad to see this bipartisan effort garner unanimous support in committee and I am hopeful this legislation will see action before the entire House in a timely manner."