New U.S. Rules to Cut Mortgage Risk, Improve Underwriting Process
The Federal Deposit Insurance Corp. (FDIC) today will vote on whether to release for public comment rules requiring lenders and bond issuers to maintain a stake in loans that they bundle and sell as securities, with the exception of low-risk mortgages. The Federal Reserve, the Department of Housing and Urban Development, and three other agencies were required under the Dodd-Frank law to revise the rules and are expected to proffer similar proposals shortly.
From "New U.S. Rules to Cut Mortgage Risk, Improve Underwriting Process"
Reuters (08/28/13) Chadbourn, Margaret
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