Jeffrey Naimon Quoted in American Banker Article, "Banks Stir Controversy in Push to Exempt Portfolio Loans from QMJeffrey P. Naimon
Jeffrey Naimon was quoted in Kate Berry’s American Banker article, “Banks Stir Controversy in Push to Exempt Portfolio Loans from QM,” on Friday, May 1, 2015.
Jeffrey Naimon, an attorney at Buckley Sandler LLP, said banks are punished enough if a loan defaults because the ability-to-repay rule allows borrowers to sue a lender for alleged underwriting mistakes. The minimum cost of litigation is $50,000 a loan, he said.
"The point of QM was to identify risky loans not to make loans riskier," Naimon said. "The only thing that makes these loans held in portfolio risky is the government's rule."
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