Trade Groups Seek Changes in Guidance for Exotic Mortgages
The Mortgage Bankers Association and other financial trade groups lauded regulatory efforts to create guidance for nontraditional mortgage products but found the current proposal too limiting and heavy handed. Industry trade groups urged the federal agencies – Federal Reserve Board, Federal Deposit Insurance Corp., Office of the Comptroller of the Currency, Office of Thrift Supervision, and the National Credit Union Administration – not to let their zeal to protect consumers cloud their better judgment.…