http://www.americanbanker.com/issues/177_105/mortgage-ability-repay-qualified-borrower-QM-1049788-1.html?ET=americanbanker:e10964:1368791a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=ABLA_Daily_Briefing_053112
Implementation will be at the end of 2012...
This whole rule is going to wreak havoc on consumers' ability to purchase a home in high priced areas, such as NJ.