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What GAO Found Federal agency officials, market participants, and observers estimated that the qualified mortgage (QM) and qualified residential mortgage (QRM) regulations would have limited initial effects because most loans originated in recent years largely conformed with QM criteria.
H.R. 3915 (2007), a bill introduced, but not enacted by the 110th Congress, was intended to reform mortgage lending practices to prevent a recurrence of problems in the mortgage market, particularly in the nonprime market segment. The bill would have set minimum standards for all mortgages (e.g.
The accounting system's self-regulatory system for auditors, which largely depends on voluntary contributions from the accounting industry, is plagued by fragmentation, lack of coordination, poor communication, and conflicts of interest.
Pursuant to a legislative requirement, GAO reviewed the Securities and Exchange Commission's (SEC) new rule on filing requirements for self-regulatory organizations (SRO) regarding derivative securities products.