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ARTICLE · 07 MARCH 2007

Federal Banking Agencies Issue Proposed Statement on Subprime Lending Practices

Goodwin Procter LLP
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The FRB, FDIC, OCC, OTS, and NCUA (the "Agencies") jointly issued for comment a proposed Statement on Subprime Mortgage Lending (the "Proposed Statement") to address certain risks relating to subprime lending practices.

United StatesFinance and Banking

Contents:

Developments of Note

  1. Federal Banking Agencies Issue Proposed Statement on Subprime Lending Practices

  2. Mutual Fund Distributor Enters into Consent Order with State of Washington Regarding Arrangements Permitting Financial Intermediaries to Engage in Bulk Mutual Fund Exchanges

  3. OCC Issues Report on Banks’ Investment in New Markets Tax Credits Program

  4. FASB Issues Proposed Staff Position on FIN 48 Providing Guidance on Determination of When a Tax Position Is Effectively Settled

Developments of Note

Federal Banking Agencies Issue Proposed Statement on Subprime Lending Practices

The FRB, FDIC, OCC, OTS, and NCUA (the "Agencies") jointly issued for comment a proposed Statement on Subprime Mortgage Lending (the "Proposed Statement") to address certain risks relating to subprime lending practices. The Proposed Statement targets certain adjustable-rate mortgage products ("ARMs") — particularly 2/28 ARMs, which are 30-year loans that feature a fixed rate for two years

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