The Federal Financial Institution Examination Council needs to start collecting data on 100%-financed mortgages so that institutions that make them do not appear to have cheated their members with higher priced loans.
That's according to the $28.6 billion State Employees' Credit Union in Raleigh, N.C., which said that it and other credit unions had been making the loans for some time.
"Making 100% mortgages is not new to [SECU], which has been originating such mortgages for 20 years and currently carries nearly $3 billion in 100% loans on its balance sheet,' the credit union said in a press release.
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