You may recall that at the end of 2005, the OCC and friends released a proposed set of rather stringent lending guidelines. (See Is This the End of E-Z Credit? for a summary). The publication in question did not put guidelines into place, but rather explained the guidelines being discussed and requested comments from the banking community.
The draft rules didn’t seem to scare anyone straight. Some lenders tightened up, but that seemed as much a symptom of credit conditions as anything. Meanwhile, in a desperate bid for more market share, some lenders have gotten even more risky since the document’s original publication.
Now, as my man Calculated Risk points out, the comment period has come to an end. His article includes a link to all comments, for those intrepid folks who wish to read them. Most of the comments seem to be a request for an extension of the comment period from back when the original period was slated to end a month ago. Many of these entities have not followed up, which is very surprising. as a matter of fact, I’ll be they did follow up but that the comments haven’t made it to the FDIC website. I will check back next week.
More to the point of this post is the fact that the comment period has ended. The threat of regulations didn’t seem to do anything… we are now moving to the next stage of getting actual regulations, instead of proposals thereof. I do not know how long it will take, or for that matter whether the guidelines will end up as stringent as what was found in the draft document. But the process is moving forward and it is something we would do well to watch in the coming months.
I disagree that nothing is
I disagree that nothing is happening. I’m seeing banks tightening up their underwriting and appraisal criteria quite a bit. Some of these lenders who have been running real loose have been straightening up a just in the last 30 days. It’s refreshing to see some concern about compliance with rules that have been ignored for a long time. The percentage of ARMs right now is apparently dropping like a rock, and most of the banks are just now taking more steps to comply with the letters issued by the feds in 10/2003 and 03/2005.
All of this comes not a moment too soon, either. It’s really too bad that safety and soundness don’t become
priorities with the feds until it’s too late. We’re still paying off the losses from the last S&L bailout.
Rich and Bugs,
While
Rich and Bugs,
While browsing through new home communities this week, I noticed that on top of the already huge price paid for new homes, there is an increasingly large extra payment for various expenses that adds to one’s monthly mortgage, those being Mello-roos, HOA, Schools, etc. Do mortgage brokers take these add-on fees into account when they fund a loan? Some of these add up to more than $500 per month – this has to affect the borrower’s bottom line. I saw one for over $600, and they are paid for 20 to 30 years. What effect, Oh Professor, does this have on the overall housing numbers, the price comparisons, etc. Could you please shed some light on one of the landed poor?
Although its getting to be
Although its getting to be all the rage in banking now, by tightening the credit requirements…its unfortunately too late. Those and most banks will be bankrupt when the economy stumbles. In the last great depression (nothing great about it!) at least 1,800 banks went bankrupt in less than 18 months.
Expect the same this time around.
In fact, banks have been
In fact, banks have been under pressure from regulators to raise more funds from retail depositors who are less likely to suddenly withdraw their cash. However, the costs of this more stable form of bank funding are rising, too. For example, the so-called time deposits – which require customers to keep their money in the bank for a minimum period to gain access to a favorable interest rate – rose to their highest level since April 2009, just after the Bank slashed rates to current lows. Rates offered to business customers to keep funds on deposit are also at their highest levels since May 2009.
http://ameriloansearch.com/
Like what shoulder pads and
Like what shoulder pads and permed hair would women inside the 80s, so was the main Monceau in those days. Gaudy plus in that person, the briefcase-like bag arrived Louis Vuitton Monogram Canvas and shiny gold-tone hardware. It was one of several era’s most showy of statements, till needless to say it slowly went of favor.
Go forward to today, and Louis Vuitton is bringing it back, with a fresh spin, without a doubt. Made smaller than the initial plus in Epi this time round (if memory serves me right the originals did are available in Epi at the same time long ago), the Louis Vuitton Epi Monceau BB should attract those trying to find small sac louis vuitton, which together with clutches and portfolios look set being huge in 2013.
Not sure yet around the list price, or any alternative colours it will appear in, so do keep tuned in for much more updates.
If 2012 was by pointing out satchel, then 2013 is going to be regarding the clutch, from small zip pouches to large portfolios and everything in-between. Having amassed in excess of my great number of clutches myself, there is an additional that’s on my small wish list.
Yes, just one more. Introducing the Louis Vuitton Nomade Honore, an attractively elegant leather portfolio that’s slightly bigger than A4. Lift the palladium-finished clasp, unzip the perimeters you may have access immediately towards the interior with space and slots to your smartphone, cards, pens and notepads, all essentials to the man for the goit also comes in 4 distinguished hues, from Tabac to Mocha and Acacia, an in-depth green that’s just stunning. Yes, only one more.
http://www.saclvmagasinweb.com/