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OTS CONDUCTS INQUIRY INTO SUBPRIME PRACTICES.

THE OFFICE OF THRIFT SUPERVISION (OTS), Washington, D.C., has announced it has begun a full-scale review of its mortgage lending regulations to determine how they impact the subprime market. OTS has also issued an official appeal to the public for comment on how it should approach the issue. Key issues include how extensive predatory lending in the home mortgage market may be and who exactly is doing it. OTS will continue to work with other federal regulators on a possible joint policy statement and other action to curb predatory lending, and is interested in working with state regulators as well, according to OTS. From a regulatory standpoint, OTS is asking if it should impose limits on fees, refinancings and rollovers, prepayment penalties, balloon payments and other features of high-cost loans. It will also consider requiring some federal savings associations to notify OTS before making high-cost loans and look into how such a requirement would apply to state housing creditors. The comment period runs thro ugh July 5, 2000.
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Title Annotation:Office of Thrift Supervision
Publication:Mortgage Banking
Article Type:Brief Article
Geographic Code:1USA
Date:May 1, 2000
Words:169
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