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Comments to Regulators regarding Proposed Statement on Subprime Mortgage Lending from Neighborhood Housing Services of New York City
Neighborhood Housing Services of New York City (NHS) applauds the efforts of banking regulators to clearly and unequivocally advise lenders of subprime ARMs that they will be held to the same standards as lenders of other non-traditional mortgage products. Requiring institutions to make a good faith assessment of a borrowers ability to repay a subprime loan, as opposed to simply determining the foreclosure or liquidation value of a borrowers collateral, will help sustain and create homeownership opportunities for millions of families, reduce the risks of foreclosure and loss of ones home resulting from predatory lending practices, and ultimately help to stabilize and rejuvenate neighborhoods throughout the country.
|Last Updated 05/01/2007||Regs@fdic.gov|