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Fed Governor: Exotic Loans Not a 'Huge' Concern.(Brief Article)
Washington -- Residential funders have been making "stated income" mortgages for years, but the Federal Reserve is starting to have concerns about banks that originate loans without the borrower providing proof of income.
Speaking at an American Law Institute-American Bar Association meeting, Federal Reserve Gov. Susan Schmidt Bies said banks "are not focusing" on appraisals, and seem more concerned with cash flow than the underlying collateral.
"We're also seeing more loans made to investors," she said.
Ms. Bies said regulators are concerned about low teaser rates on adjustable-rate "exotic" mortgages including interest-only and payment-option loans.
Asked by Mortgage Servicing News whether these products are a huge concern, Ms. Bies said no, but the Fed is worried about how the products are being marketed to consumers.
In particular, there is alarm ...
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Source: HighBeam Research, Fed Governor: Exotic Loans Not a 'Huge' Concern.(Brief Article)