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I just looked up QRM. I found this:

What are the Proposed Standards for a QRM? The draft proposal issued by the federal government would set strict standards for borrowers. To qualify for QRM status borrowers must:

1. contribute at least a 20 percent down payment

2. pay closing costs out-of-pocket

3. provide full documentation of income with strict debt-to-income ratio limitations

4. be current on all existing debt payments

5. not have been more than 60 days delinquent on ANY debt obligation for the prior 24 months

6. not have had any property repossessed within the past 36 months

7. not have been a party to a bankruptcy proceeding, foreclosure, a short-sale, or a deed-in-lieu of foreclosure, within the prior 36 months

8. not have been subject to a Federal or state judgment for collection of any unpaid debt

How will QRM Impact the Availability of Mortgages and Mortgage Products?

Because the proposed QRM regulations will impose higher down payment requirements (20 percent), will exclude closing costs from financing and will impose strict limitations on fees and debt-to-income ratios, QRM will likely have a pronounced impact on the availability of mortgages. In fact, a recent study issued by the Federal Housing Finance Agency noted that under the proposed standards only 30 percent of mortgages issued in 2009 would meet the new standards. Thus, if enacted as drafted, the proposed QRM standard will limit the pool of potential buyers which in turn will further depress the housing market.

I don't know how much this was actually signed into law, but if the impact is as this last paragraph says, it will effectively kill the housing market as we know it.

I will admit that the rules seem logical and sensible enough, but is anything coming out of the federal government ever logical and sensible? Usually when these kinds of laws are passed, these days, it is done with a sinister motive. I do not trust the current regime in the WH, especially anything with Dodd's name on it, and that has the signature of the current occupier in chief in the WH.