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Financial Stability Board: FSB releases consultation paper on principles for sound residential mortgage underwriting practices

( October 26, 2011, 19:00 GMT | Official Statement) -- MLex Summary: Mortgage lenders should be required to verify borrowers' income and assess their ability to repay, under guidelines proposed by the global coordinating body for financial regulation. Authorities should oversee all lenders and set standards for underwriting, use of mortgage insurance and prudent appraisal of real estate. The proposal also said regulators could consider caps on loan-to-value ratios based on local circumstances, provided that such measures are not relaxed during credit booms and never serve as a substitute for prudence in lending.The following is the text of the statement. Click the attachment at bottom for the full report....

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