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by CareyBot

Disclaimer upfront: I live and work in America’s most dysfunctional political and bureaucratic environment -- inside the Beltway, Washington, D.C. So I have to admit that my ability to make predictions is handicapped by the inherent unpredictability of the key actors here. Outcomes are often determined by deeply partisan politicians who sometimes, but rarely, decide to come together to solve tough problems, and federal regulators who see laws like Dodd-Frank as providing mere starting suggestions for the rules they ultimately write according to their own whims. Remember the original qualified residential mortgage (QRM) regulation, which as proposed would have required that lenders retain a share of the risk in mortgages made to borrowers putting less than 20 percent down? Invented ...