The House Financial Services Committee tells MHProNews that Committee Chairman Jeb Snarling, in his response to the Consumer Financial Protection Bureau (CFPB)’s Qualified Mortgage and Ability to Pay rules, says the CFPB has an impossible, dangerous mission and that attempted solutions may have unintended consequences. He asserts, “ Impossible because the CFPB is a big government bureaucracy in Washington attempting to determine which mortgages are appropriate for 100 million Americans, each of whom have their own personal circumstances that the CFPB knows nothing about. Dangerous because the CFPB has been given vast, unprecedented and unchecked power, all delegated to a single director whose alleged recess appointment by the President is legally questionable.” Noting it was government policies that encouraged financial institutions to loan people money to buy homes they could not afford, now it is government regulations telling them “not to do what the government was telling them to do before.” He says the committee will closely watch financial institutions to determine their ability to compete as well as their impact on consumers’ ability to access credit, especially in smaller markets.

(Image credit: House Financial Services Committee)