Lenders Warn About Forcing 'Skin in the Game'
Posted on November 3, 2009
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The president and chief executive officer of the Mortgage Bankers Association issued a letter to senior member of the House Financial Services Committee. He warned the legislators that pending legislation which would force mortgage bankers to retain "skin in the game" on residential loans they originate could be catastrophic. "If the requirements under Financial Stability Improvement Act are made applicable to all creditors for residential loans, independent mortgage bankers would be forced out of business," he warned.
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