A House Financial Services subcommittee recently held a hearing on proposed changes under the Dodd-Frank financial reform law, in particular the parameters for a qualified mortgage (QM) that would be exempt from ability-to-pay mandates and other proposed requirements. Testimony was heard from experts representing various industry and consumer groups, including the Center for Responsible Lending. Speaking on behalf of CRL, Senior Vice President Eric Stein stressed the need for a broad definition of QM so as not to block borrowers with solid credit from the mortgage market. The definition should include the use of specific "bright-line" standards, he said, so that both lenders and prospective borrowers fully understand which loans qualify as QMs and which do not. Stein also recommended that borrowers be empowered to take legal action if a supposed QM product falls short of the appropriate standards from the outset.