Industry Groups Urge Fed to Be Careful With Disclosures
August 18, 2006
Industry groups are urging the Federal Reserve Board to tread lightly in its review of the federal Home Ownership and Equity Protection Act. Enacted a decade ago, HOEPA requires extra disclosures on lenders that originate high cost loans, those on which the borrower pays more than 8 per-cent of the loan amount in fees. It also covers first mortgages with annual percentage rates that exceed the rate on comparable...