The "Ability to repay rule" is a key concept in consumer finance, particularly within mortgage lending. My goal is to create a comprehensive, encyclopedic article that defines the term, explains its history and practical applications, and discusses its limitations. I will ensure all internal and external links are accurate and relevant, and that the article adheres to the specified quality and formatting standards.
I have identified the [TERM] as "Ability to repay rule", [RELATED_TERM] as "Qualified mortgage", and [TERM_CATEGORY] as "Consumer finance" or "Lending standards". I will primarily use "Consumer finance" as the broader category.
I have identified 15 unique internal links to use:
- Mortgage
- Lender
- Borrower
- Credit score
- Debt-to-income ratio
- Loan application
- Underwriting
- Interest rates
- Financial stability
- Consumer protection
- Foreclosure
- Housing market
- Adjustable-rate mortgage
- Qualified mortgage
- Predatory lending
I have identified 4 external links from trusted domains:
- CFPB Ability-to-Repay/Qualified Mortgage Rule:
https://www.consumerfinance.gov/compliance/compliance-resources/mortgage-lending-resources/ability-to-repay-qualified-mortgage-rule/(for definition, application, and general info). - Federal Reserve Board press release on final ATR/QM rule:
https://www.federalreserve.gov/newsevents/pressreleases/bcreg20130130a.htm(for historical context, specifically the finalization). - Brookings Institute article on impact:
https://www.brookings.edu/articles/the-impact-of-the-cfpb-s-ability-to-repay-rule-on-the-mortgage-market/(for limitations/criticisms and impact). - CFPB What is the Ability-to-Repay Rule?:
https://www.consumerfinance.gov/ask-cfpb/what-is-the-ability-to-repay-rule-en-111/(for practical application, simplified explanation).
Now I will proceed to write the article, integrating these links naturally and following all formatting and content requirements.
My next step is to write the article content according to the outlined structure and rules, making sure to embed all identified internal and external links and ensure all constraints are met.12345678910111213141516171819202122