Proposed Guidance Lacks Punch, ‘Unenforceable,’ Groups Say
Community and consumer advocacy groups staked out parallel positions and made similar recommendations to improve and strengthen proposed federal guidance on nontraditional mortgage products. Just as industry groups echoed their own views on the proposal, the Consumer Federation of America, the National Community Reinvestment Coalition, and the National Consumer Law Center praised the interagency effort and called for greater restraint in the underwriting and offering of so-called exotic mortgage products to consumers. …