``Some regulatory certainty is coming as well. The Consumer Financial Protection Bureau should finalize what constitutes a qualified mortgage in January. This will exempt lenders from certain lawsuits. That will then enable the Federal Reserve and five other watchdogs to define the meaning of a "qualified residential mortgage" that will set standards -- such as how much equity a borrower has in a property -- for prime loans that lenders won't need to retain a chunk of. New documentation standards will also improve transparency.''

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