Friday, Sep 03, 2010
Why the argument over 'too big to fail' could be too big to lose
The Daily Telegraph: Why the argument over 'too big to fail' could be too big to lose
I recommend HPC contributors have a read on Wikipedia of the provisions of the Dodd-Frank Act which is already law. It is all news to me. Mortgage originators (Title XIV) must make a good-faith effort to ensure that the mortgagee will be able to repay the loan. If this effort was not made it can be used as a defense against foreclosure. They seem to be well ahead of us as we are still in 'consultation' and half of UK mortgages granted are still liar loans.
Posted by monty032 @ 09:21 AM (488 views) Add Comment
1 Comment
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1. Stephen_zz said...
There is a fundamental difference in the US - All mortgages are non-recourse. Rather like an option. If the prices go up keep the property if they go down not my problem pal. As they say where is the skin in the game.