2009-11-24 — thetruthaboutmortgage.com
The Community Mortgage Lenders of America (CML America) warned today that risk retention provisions in the “Restoring American Financial Stability Act†will force them out of business.
The bill would require lenders and issuers of securitized mortgages to retain as much as 10 percent of a loan sold on the secondary market, a measure intended to improve underwriting quality.
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