Theology without repentance

Guest perspective: New guidance on nontraditional mortgage risks preaches gospel

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On Friday, Sept. 29, the interagency group representing the Federal Reserve, Federal Deposit Insurance Corp., Office of the Comptroller of the Currency, Office of Thrift Supervision and the National Credit Union Administration issued its “final guidance” on nontraditional mortgage products (henceforth “Guidance”). It is essentially a theological document.