FAB: New rules compel First Alliance to drop certain home loans

One local community banker is saying his bank will no longer offer certain home loans because of new mortgage lending regulations. Hunt Campbell, president and CEO of $117 million First Alliance Bank in Cordova, said his bank will no longer make mortgage loans to borrowers who don’t meet the standards for new qualified mortgages that went in to effect Jan. 10. The new qualified mortgage and ability-to-repay rules, which are part of the 2010 Dodd-Frank financial reform law and are being laid out…