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18 years ago

Rich, how much weight does
Rich, how much weight does this hold? Since the mortgage brokers are unregulated, and this is only “guidance”, what can the gov’t really do? Is there any language in this guidance which implies consequences for failure to implement these? I also read the blog from a mortgage broker, SoCalMtgGuy, and he was thinking this guidance carries no weight at all. As a matter of fact, a couple days later, his company actually loosened their lending standards to compete better: Now they use the lowest of 3 FICOs, and take borrowers 1 day out of bankruptcy.

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