Subprime crisis draws FBI scrutiny as Fed meets
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The shadow of an FBI investigation spread across the subprime mortgage crisis on Tuesday, while the U.S. Congress moved closer to emergency relief for millions of distressed homeowners.
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A pilot program by the Federal Reserve and state banking regulators will examine firms that account for the majority of subprime loans.
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Federal Reserve Bank officials said on  Monday financial turmoil has increased risks facing the U.S.  economy, but comments by others suggested there was still  debate about how quickly the central bank would need to act.
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U.S. Federal Reserve officials  approach a key meeting next week worried both about not raising  interest rates enough to avert inflation and doing more than is  needed at the expense of economic growth.
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Federal Reserve policymakers sit down  on Tuesday for what might be one of their most difficult  interest rate decisions in years.
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Mortgage fraud has the potential to become a &quot;national epidemic&quot; that could expose lenders to hundreds of millions of dollars in losses, an FBI official said yesterday.
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Reports of fresh damage from the teetering U.S. subprime mortgage sector provoked financial market wobbles on Tuesday as central banks around the world said their interest rate intentions had been thrown into doubt.
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U.S. securities regulators have opened about three dozen investigations, including into such firms as UBS AG , related to the subprime market collapse, a person familiar with the matter said on Friday.
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Mortgage fraud has the potential to become a "national epidemic" that could expose lenders to hundreds of millions of dollars in losses, an FBI official said.
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Federal Reserve officials on Wednesday expressed concern about a possible U.S. recession but warned that the central bank cannot let down its guard when it comes to fighting inflation.
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The crisis in the subprime mortgage market has heightened tension between mortgage lenders and brokers who both hope to shape any laws aimed at stamping out dangerous loans.
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Concerns about inflation trumped worries about the slumping housing market last month by Federal Reserve officials who voted to hold interest rates steady.
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The FBI probes 14 firms embroiled in the sub-prime mortgage crisis as it cracks down on improper lending.
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U.S. Federal Reserve policy-makers  were unsure how much more they would need to raise interest  rates, if at all, after a May 10 meeting, according to minutes  of that gathering released on Wednesday.
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ST. LOUIS  - The Federal Reserve is monitoring growth and inflation risks and it is too soon to tell if housing troubles will push the economy into recession, one of its top policy-makers said on Wednesday.
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The FBI's investigation of 14 corporations in a crackdown on improper subprime lending could expand to other companies, but the complex probes may take some time before any charges are brought, a federal law enforcement official said on Wednesday.
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Financial markets on Wednesday will pore over the results of an unprecedented $20 billion cash auction conducted by the Federal Reserve in a search for signs it is helping soothe troubled credit markets.