Feds Set To Stop Mortgage Frenzy
CNN Money reports that regulators are preparing new mortgage rules. "Federal banking regulators are weighing new guidelines for mortgage lenders due to growing concern about risks in the mortgage market, according to a published report. The Wall Street Journal reports that the new guidelines could be completed as soon as early next year."
How's that for swift action. This after we learn that maybe two trillion dollars of interest only loans were done last year. We can't be sure, as none of the private organizations will agree on the numbers.
"'There's a consensus among regulators that we need to be working on this,' said Barbara Grunkemeyer, at the Office of the Comptroller of the Currency. 'There are a lot of issues to be addressed there.'"