At the end of June the five agencies that regulate federally chartered banks
and their subsidiary lending corporations issued final guidance
to those institutions regarding subprime lending, particularly
the so-called exotic or non-traditional loans that are threatening to bring
down those lenders who haven't already filed bankruptcy or shut their doors.
While they were called "guidelines," compliance with the new underwriting
rules is, if not mandatory, at least highly recommended on the part of institutions
under the supervision of the five agencies.GOOGLEAD The Federal Reserve, Office of Thrift Management, Federal Deposit Insurance
Corporation, Office of Comptroller of the Currency, and the National Credit
Union Administration.