The Portfolio Lending and Mortgage Access Act, introduced in the House last year by Rep. Andy Barr (RKy.) as H.R. 1210, would have allowed any mortgage held in a bank’s portfolio to be considered a Qualified Mortgage—precisely the sort of risk retention DoddFrank aimed to ensure.
Yet after the House passed the bill in November, the White House said the Senate need not consider doing the same because the President would veto it if it reached his desk. Regulatory reform, again, was thwarted.
