Macquarie non-QM securitization could exploit CFPB loophole

Macquarie Group is planning to issue its first securitization of non-qualified mortgage (non-QM) consumer loans by the middle of 2015, through a partnership with Impac Mortgage Holdings. But new issuance from the partnership is believed to tread regulatory lines and could potentially be viewed as a sneaky workaround of ability-to-repay standards under the Dodd-Frank Act.