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Washington
OCCs Dugan to appear on this weeks HandFF Radio
WASHINGTON (7/16/09)--Comptroller of the Currency John Dugan will discuss consumer protections for reverse mortgages during a July 19 appearance on Home & Family Finance Radio. During the interview, Dugan will discuss the growth of reverse mortgages and the potential risks posed to consumers. Dugan is also expected to detail the various forms of protections available to consumers that choose to take part in reverse mortgages and provide insight on the work that the Office of the Comptroller of the Currency (OCC) is doing to address reverse mortgage-related issues. The comptroller recently outlined many of his concerns in a press release, warning that reverse mortgages “pose significant compliance risks” and urging regulators to “get out in front of this issue, before real problems develop” so that reverse mortgage loans can be made in a way that benefits lenders and borrowers alike. According to Dugan, regulators should ensure that pending interagency guidance on reverse mortgages is “sufficiently robust” to protect consumers. While the OCC would monitor banks to “ensure compliance” with the resulting guidance and existing regulations, Dugan said that “guidance alone is not enough to address the consumer protection issues” related to reverse mortgages.


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