Realogy Calls for Extension of Comment Period Regarding Risk Retention and Qualified Residential Mortgage Provisions of the Dodd-Frank Act
PARSIPPANY, NJ--(Marketwire - May 10, 2011) - Realogy Corporation today announced that it is calling on federal regulators for an extension of the comment period for the Risk Retention and Qualified Residential Mortgage (QRM) provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). Earlier this week Realogy sent letters to Federal Reserve Chairman Ben Bernanke, HUD Secretary Shaun Donovan, FDIC Chairman Sheila Bair, Treasury Secretary Timothy Geithner, SEC Chairman Mary Schapiro, as well as the acting directors of the Office of Thrift Supervision, Federal Housing Finance Agency and Office of the Comptroller of the Currency.
"We believe the current June 10 deadline for the submission of public comments is inadequate given the complexity of the issues," said Realogy president and CEO Richard A. Smith. "The QRM proposal comprises more than 400 printed pages and is by its very nature complex and broad in scope. It raises more than 200 questions that give rise to a myriad of issues with far-reaching implications. We believe this bill is transformative and that federal regulators must endeavor to avoid unintended consequences that could ultimately be harmful to consumers, the mortgage finance industry, and the housing market. It is our opinion that more time is necessary for regulators to properly research the issues and for industry practitioners to offer full and complete responses to the questions raised thus far."
The QRM proposal was released in the last week of March and was not available in the Federal Register until April 29, 2011. Realogy believes that, at the very minimum, the comment period should be extended to July 22, 2011, which is the comment deadline for the proposed Ability to Repay and Qualified Mortgage Rule that was issued on April 19, 2011.
About Realogy Corporation
Realogy Corporation (www.realogy.com), a global provider of real estate and relocation services, has a diversified business model that includes real estate franchising, brokerage, relocation and title services. Realogy's world-renowned brands and business units include Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, The Corcoran Group®, ERA®, Sotheby's International Realty®, NRT LLC, Cartus and Title Resource Group. Collectively, Realogy's franchise systems have approximately 14,600 offices and 260,400 sales associates doing business in 100 countries around the world. Headquartered in Parsippany, N.J., Realogy is owned by affiliates of Apollo Management, L.P., a subsidiary of Apollo Global Management, LLC, a leading global alternative asset manager.