Fed Plans To Curb Mortgage Excesses
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The Federal Reserve is set to change home-loan lending practices that are blamed for pushing the nation into a housing downturn, but the effort is expected to fall short of far more stringent efforts by Congress.
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Lenders say the move which tightened ÂexoticÂ mortgages might stifle the use of loans that make houses more affordable.
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Freddie Mac, the second biggest buyer of U.S. mortgages, plans to toughen its standards and stop buying certain types of risky loans that have been linked to a high number of defaults.
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A wave of foreclosures could be prevented if the largest federal home-ownership program were open to more delinquent borrowers, according to a study being mulled by the nation's largest mortgage investor group.
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The Fed's proposals to halt deceptive home lending could turn the Congress loose.
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WASHINGTON -- Federal Reserve Chairman Ben Bernanke urged Congress on Tuesday to bolster regulation of mortgage giants Fannie Mae and Freddie Mac, and suggested limiting their massive holdings to guard against any danger their debt poses to the overall economy.
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The Federal Reserve is expected to lower U.S. interest rates on Wednesday as part of an ongoing aggressive effort to spare the economy from the worst effects of a deep housing slump and credit crunch.
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The Federal Bureau of Investigation, seeking to stem a rising tide of crime in home financing, said on Thursday it will warn borrowers and lenders that mortgage fraud can result in stiff fines and prison time.
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The banking industry is proposing to  members of the U.S. Congress and the White House that some of  the risk of troubled mortgages should be shifted to the federal  government, according to a report in the Wall Street Journal on  Thursday.
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The Federal Reserve on Tuesday slashed benchmark interest rates by a half-percentage point in a bold bid to buffer the economy from a housing slump and related financial market turbulence.
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WASHINGTON -- The Federal Reserve and other banking regulators issued special guidance Tuesday urging loan service companies to work with borrowers in danger of defaulting on their home mortgages.
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Federal banking regulators set final rules on subprime mortgages, turning aside banking industry efforts to weaken them.
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US mortgage banks have begun looking to Europe for funding options outside the Federal Home Loan Banking system, in part as a response to proposed changes to how the system is regulated.
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The Federal Reserve Board is  weighing whether it should ban some mortgage lending practices  that fueled the recent housing market boom, Fed governor  Randall Kroszner told a panel of lawmakers Wednesday.
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Some Federal Reserve policymakers worried last month that inflation dangers were growing and that low interest rates might be encouraging excessively risky investments, including speculative home buying.
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The Federal Reserve said on Tuesday a public hearing on potential new rules to curb abusive home mortgage lending practices would cover prepayment penalties, low documentation loans and consideration of borrowers' repayment abilities.
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Federal Reserve chairman Ben S. Bernanke is suggesting that policy makers look for ways to encourage a wider range of mortgages geared for low-income and other borrowers who have been hard hit by the housing slump and credit crunch.