Regulators Try to Clarify Implementation of Nontraditional Loan Guidance but Leave a Lot of Unanswered Questions
December 7, 2006
Federal banking and thrift regulators last week outlined a somewhat general approach to implementing newly issued guidelines on nontraditional mortgage lending, clarifying some key issues but still leaving lenders scratching their heads and many industry questions...
The regulator said in an amicus brief Wednesday that home equity investments can be considered credit and subject to Truth in Lending Act requirements.
“We’re still not at the level of profitability where we should be in home lending, just given as we continue to wind down that servicing book,” said Charlie Scharf, CEO of Wells.
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