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David Lykken: Do we really need more regulation?

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Mortgage Professional America | 06 May 2014, 02:45 AM Agree 0
Industry veteran David Lykken sounds off on the inevitability of regulation
  • Jim in CT | | 06 May 2014, 11:04 AM Agree 0
    Just recently I saw a wholly unsuitable HELOC-style full refi "sold" to a pre-retiree. Monthly-adjustable I/O ARM converting to a 15-year amortization AFTER he retires. An entirely unsuitable sale, and a magnet for regulators and politicans. Written by a large institution that has paid over $1 billion in fines already so it's reasonable to presume that they don't care. (I really didn't think anyone had the stones to try to market something like this anymore). When we stop tolerating this behavior in our midst perhaps things might ease up. But not til then, so get ready for more.
    As Mom always said, if you abuse privileges they get taken away.
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