The Wait for New Guidance on Nontraditional Products is Nearly Over, Regulators Say
May 26, 2006
Fearing the exotic mortgage market was getting out of hand, banking regulators from five agencies in mid-2005 launched the Mortgage Guidance Project. After a lot of industry debate, it is possible lenders could see the final guidance before the end of June, although Mike Martin, national bank examiner with the Office of the Comptroller of the Currency, thinks it is more likely the new rules will be issued at summer’s end. He made the…