This survey shows that 4 out of 10 homebuyers are consistently using nontraditional mortgage options, demonstrating an acceptance of these options in the marketplace. Financial institutions should be aware of the scrutiny that the Government Accountability Office (GAO) is placing on these mortgages. The GAO released a report on September 20, 2006 recommending that regulators focus on explaining how nontraditional mortgages work. As financial services companies continue to offer these products they need to be ahead of the regulation wave and find ways to clearly communicate the benefits and risks of such mortgages," states Anne Aldrich, Senior Vice President of the Financial Services Research Practice at Harris Interactive.
Tags:
Financial service
Regulators Focus
Non traditional loans
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