Friday, April 07, 2006

New Mortgage Guidance: "next few months"

by Bill McBride on 4/07/2006 04:41:00 PM

The comment period for the Interagency Guidance on Nontraditional Mortgage Products ended last week. So now what?

Today the WaPo reports: Regulators To Issue Mortgage Warning

[Speaking to the New York Bankers Association, John M. Reich, director of the Office of Thrift Supervision] noted that regulators are crafting a specific warning to the industry, known as a guidance, that will restrict the use of these loans. It could be issued within the next few months.
emphasis added

The Post writeup is an excellent summary for those not following this story closely.

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