OCC Chief of Staff Discusses Mortgage Guidance at National Housing Advisory Council

WASHINGTON – The Office of the Comptroller of the Currency’s Chief of Staff John G. Walsh spoke today to members of the National Housing Advisory Council about proposed interagency guidance related to nontraditional mortgages.  During the speech, Mr. Walsh highlighted the economic conditions behind the need for the guidance and how it promotes a safe and sound banking system while protecting consumers against the dangers of negative-amortization and escalating payments.

The full text of this speech is available at http://www.occ.gov/ftp/release/2006-68a.pdf.

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John G. Walsh

The Office of the Comptroller of the Currency was created by Congress to charter national banks, to oversee a nationwide system of banking institutions, and to assure that national banks are safe and sound, competitive and profitable, and capable of serving in the best possible manner the banking needs of their customers.