Lawmakers and a cross section of advocacy groups speak against proposal that could force 20 percent down payments Forty-four trade associations, consumer and civil rights groups, together with 326 members of Congress, signed joint letters urging federal regulators to revise an initial draft proposal of mortgage rules the groups say will harm the housing market by keeping many creditworthy borrowers out. The groups, which comprise the new Coalition for Sensible Housing Policy, said in a white paper the proposed rules defining a “qualified residential mortgage” (QRM) as one that has a 20 percent down payment are too onerous and should be changed. “Without such revisions,… Read More