NHEMA Stance on Suitability Still Evolving, Group Says
July 7, 2006
A trade group representing subprime finance companies is still deciding how it feels about a proposed suitability standard for loan originators. “We have taken no formal position yet on how suitability might be defined or on whether legislation or regulation is needed or appropriate,” said the National Home Equity Mortgage Association in a comment letter filed with the Federal Reserve Board during its recent hearings on the home-equity market. “We have, however, heard initial…