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The Mortgage Choice Act of 2013 () is a bill that would direct the Consumer Financial Protection Bureau (CFPB) to amend its regulations related to qualified mortgages to reflect new exclusions made by this bill.〔 The CFPB released new regulations regarding the definition of a Qualified Mortgage that took effect in January 2014, a definition that this bill would modify.〔 The bill was introduced and passed in the United States House of Representatives during the 113th United States Congress. ==Background== The U.S. subprime mortgage crisis was a nationwide banking emergency that triggered the recession of 2008, through subprime mortgage delinquencies and foreclosures, resulting in the devaluation of the attendant securities. These mortgage-backed securities (MBS) and collateralized debt obligations (CDO) initially offered attractive rates of return due to the higher interest rates on the mortgages; however, the lower credit quality ultimately caused massive defaults.〔Lemke, Lins and Picard, ''Mortgage-Backed Securities'', Chapter 3 (Thomson West, 2013 ed.).〕 While elements of the crisis first became more visible during 2007, several major financial institutions collapsed in September 2008, with significant disruption in the flow of credit to businesses and consumers and the onset of a severe global recession.〔 There were many causes of the crisis, with commentators assigning different levels of blame to financial institutions, regulators, credit agencies, government housing policies, and consumers, among others.〔(Financial Inquiry Commission-Final Report-Retrieved February 2013 )〕 A proximate cause was the rise in subprime lending. The percentage of lower-quality subprime mortgages originated during a given year rose from the historical 8% or lower range to approximately 20% from 2004 to 2006, with much higher ratios in some parts of the U.S.〔Michael Simkovic, (''Competition and Crisis in Mortgage Securitization'' )〕〔(Harvard University-The State of the Nation's Housing-2008-See Figure 4-Page 4 )〕 A high percentage of these subprime mortgages, over 90% in 2006 for example, were adjustable-rate mortgages. These two changes were part of a broader trend of lowered lending standards and higher-risk mortgage products.〔〔(Michael Burry-Vanderbilt Magazine-Missteps to Mayhem-Summer 2011 )〕 Further, U.S. households had become increasingly indebted, with the ratio of debt to disposable personal income rising from 77% in 1990 to 127% at the end of 2007, much of this increase mortgage-related. When U.S. home prices declined steeply after peaking in mid-2006, it became more difficult for borrowers to refinance their loans. As adjustable-rate mortgages began to reset at higher interest rates (causing higher monthly payments), mortgage delinquencies soared. Securities backed with mortgages, including subprime mortgages, widely held by financial firms globally, lost most of their value. Global investors also drastically reduced purchases of mortgage-backed debt and other securities as part of a decline in the capacity and willingness of the private financial system to support lending.〔Michael Simkovic, (''Competition and Crisis in Mortgage Securitization'' )〕 Concerns about the soundness of U.S. credit and financial markets led to tightening credit around the world and slowing economic growth in the U.S. and Europe. The Dodd–Frank Wall Street Reform and Consumer Protection Act was passed in 2010 was a legislative response to the financial crisis of 2007–08 (which the subprime mortgage crisis was a major part of) and the subsequent Great Recession. Dodd-Frank created the Consumer Financial Protection Bureau (CFPB), an independent agency of the United States government responsible for consumer protection in the financial sector. Its jurisdiction includes banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors and other financial companies operating in the United States. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Mortgage Choice Act of 2013」の詳細全文を読む スポンサード リンク
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