FDIC Advisory Committee on Economic Inclusion (ComE-IN)

Diana L. Taylor, Chair, Advisory Committee

Update on small dollar loan pilot program; subprime testimony; securitization roundtable – Sheila C. Bair, Chairman, FDIC

How did we get here? Why high-priced lenders disproportionately lend to low-income and minority home borrowers

William Apgar, Jr.    Harvard University

John Weicher,   Hudson Institute

Efforts to Help Troubled Borrowers

Michael Shea
ACORN

Diane Thompson
Land of Lincoln Legal Assistance Foundation

Kenneth Wade
NeighborWorks America

Michael Desmond
U.S. Department of the Treasury

Moderator: Sandra L. Thompson, FDIC

2:00 pm to 4:00 pm

What can we do? Issues for National Standards Involving Congress, Regulators, Consumers, Consumer Groups. Wall Street and Investors

• Defining subprime.
• Underwriting to the fully indexed interest rate?
• Prepayment penalties
• Mandatory escrow accounts for taxes and insurance?
• Licensing and standards for mortgage brokers
• Meaningful disclosures and honest advertising
• Secondary market liability
• Stated income/ low doc loans
• Future ACTION items.

 Legal Introduction:   Sara A. Kelsey, FDIC
 Discussion Leader:   Diana Taylor