Last year, together with other federal banking regulators, we issued guidance concerning so-called nontraditional mortgages. We have also issued draft supervisory guidance concerning underwriting standards and disclosures for subprime mortgages. The agencies are now reviewing the many responses to the draft proposal. The patchwork nature of enforcement authority in subprime lending poses a special challenge.
Thus, the communication policies, strategies and contents while dealing with the market intermediaries are different from those adopted, in dealing with, say, State governments, for whom RBI is also a banker and a debt manager.