Wednesday, January 03, 2007

CSBS State Mortgage Guidance Update

by Calculated Risk on 1/03/2007 06:25:00 PM

Twenty two states and the District of Columbia have now adopted the CSBS / AARMR Guidance on Nontraditional Mortgage Product Risks.

This may seem like a slow process, but the WaPo reports:

... states ... have moved quickly to warn state-regulated lenders about the hazards to consumers from nontraditional mortgages.
Mike Stevens, senior vice president for regulatory affairs at the Conference of State Bank Supervisors, ... said it was the fastest state-by-state regulatory rollout he had ever seen.
emphasis added
The CSBS told me they expect all 50 states to adopt the guidance.