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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

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From: Snowshoe	6/29/2007 10:03:38 PM
	Read Replies (2) of 218726

Regulators crack down on subprime-lending abuses - Guidance applies to banks, but not brokers; states pledge action, too By Ruth Mantell & Robert Schroeder, MarketWatch Last Update: 5:09 PM ET Jun 29, 2007 WASHINGTON (MarketWatch) -- After years of abuse in the subprime mortgage marketplace, federal regulators are cracking down on banks by issuing new rules Friday to make sure borrowers get loans they can actually afford. The new rules, effective immediately, are for adjustable-rate mortgage products that can cause payment shock. These loans start off with low "teaser" rates that balloon, and end up being more expensive than borrowers initially anticipate. The new rules call for banks to beef up their disclosures, limit prepayment penalties, limit the use of "stated income" loans, and include a fully indexed, fully amortized qualification for borrowers. more: marketwatch.com Where were they 3 years ago???

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