Industry News

Subprime guidance could restrict no-doc loans

Stated income should be exception, not rule, regulator says
Published on May 24, 2007

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by CareyBot

A top federal banking regulator said Wednesday new guidance now being drafted for subprime lenders should address the widespread use of stated-income loans, which present “a temptation for misrepresentation” and “outright fraud.” Comptroller of the Currency John C. Dugan, speaking ...