Lenders should "review to determine the full extent of their authority to identify borrowers at risk of default" and find a way to keep the borrower in a home, the regulatory bodies said in a joint statement, according to The Wall Street Journal. The statement was issued by the Federal Reserve, the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the National Credit Union Administration and the Conference of State Banking Supervisors.
The move has the potential of saving hundreds of thousand of homeowners from being battered by resets on variable rate mortgages.
Douglas A. McIntyre
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