From today’s information at Calculated Risk Blog. It appears that federal regulation regarding non-traditional mortgages may be in place within 60 days. If this ends up having any teeth at all, it could make it more challenging for borrowers to qualify for interest-only loans or pay-option loans.
As one blogger responded: “talk about rearranging the chairs on the Titanic.” Maybe a little too late, the damage is already done.
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