The Conference of State Bank Supervisors updates this website with the names of states which adopted the new FDIC/Federal Reserve/OFHEO lending guidelines.
When they came out a few weeks ago, about a handful were on the list. Today, there are 18.
Can someone in the mortgage industry that actually knows, please comment on how important these guidelines are? What kind of teeth does the states have to enforce them? Do mortage providers take them seriously?
If it’s not against the law to break the “guidance” then why do we expect these irresponsible lenders to take notice?
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