New Federal Subprime Lending Guidance - CD + Special Report (w)
This audio conference was held in April 2007.
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This audio conference examined the banking regulators’ proposed Statement on Subprime Mortgage Lending. Aimed at curbing a number of practices, this guidance is a major concern in the mortgage market.
State regulators recently announced that they will abide by federal guidance. The conference panel consisted of federal and state regulators as well as legal experts including:
- What’s next from Grovetta Gardineer, Assistant Managing Director, Examinations and Supervision Policy, OTS, Michael L. Stevens, Senior Vice President, Regulatory Policy, Conference of State Bank Supervisors and Serena Owens, Chief of Planning and Program Development, FDIC
- The legal view and lenders’ perspective by Larry Platt, Practice Area Leader, K&L Gates and Donald Lampe, Partner, Womble Carlyle Sandridge & Rice
- Moderated by Guy Cecala, Inside Mortgage Finance Publications.
- What were the gaps in existing rules that led regulators to issue this new guidance?
- What lenders' compliance operations should look like to avoid the pitfalls of this new regulatory environment?
- How does a lender increase risk-benefit disclosures without being accused of “steering”?
- What are the implications of recent cease and desist orders?
- Does restricting products deny a borrower the right to choose a loan for his or her financial situation?
- Are banks likely to be the prime beneficiaries of tighter subprime underwriting requirements?
- What are the litigation risks if the lender determines the borrower’s ability to repay?
- When is it OK to make stated income/reduced doc loans?
- How will lower loan volume affect the secondary market and investors?
- How will this guidance’s detailed disclosures affect loan marketing efforts?
- Are lenders leaving themselves more open to fraud without the cushion of prepayment penalties?
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For questions or to order by phone, call (800) 570-5744 or (301) 951-1240.
