Woodstock Institute and consumer advocates across the country were concerned about the original QRM definition because it would have excluded many borrowers of color, first-time borrowers, and low-wealth borrowers from the mortgage market by requiring a 20 percent down payment and strict credit history standards.
Regulators listened to our concerns. They re-proposed the QRM definition, this time without the sky-high down payment and credit score requirements. The new definition strikes a delicate balance between encouraging high-quality, sustainable loans and preserving access to affordable mortgages for creditworthy borrowers.
It’s important that we let regulators know we support the new rules. We can’t afford to let opponents of the rule drown out our voices. Opponents will be supporting an alternative proposal that requires a 30 percent down payment, which puts homeownership out of reach for the vast majority of homebuyers in America. 
Please sign on to our letter or submit your own comments. The deadline is this Wednesday, October 30, so we must act fast.
For more information, contact Katie Buitrago at kbuitrago@woodstockinst.org or 312-368-0310.