Fed blamed for sub-prime lending
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Laws giving new authority to two US banking regulators to tackle unfair and deceptive lending are approved.
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Many U.S. banks have made it harder for creditworthy borrowers to obtain a mortgage, according to a Federal Reserve survey released yesterday that underscored the spread of the credit crisis.
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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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The proposal by federal regulators comes as subprime mortgages have come under stress and scrutiny.
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Homeowners with subprime mortgages struggling under payments need federal government help to ease them through the crisis, a leading consumer advocacy group said on Wednesday.
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With more than $1 trillion in subprime mortgages still outstanding, some fear the financial sector's troubles have only just begun
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Banks in the United States have been quietly borrowing "massive amounts" from the U.S. Federal Reserve in recent weeks, using a new measure the Fed introduced two months ago to help ease the credit crunch, according to a report on the web site of The Financial Times.
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The debacle in mortgage lending that spurred wild daily swings in the markets has tripped up many hedge funds.
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Federal Reserve boss Ben Bernanke warns the crisis in the US sub-prime lending market may cost $100bn.
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An emergency U.S. interest rate cut last week rekindled perceptions the Federal Reserve has a bias to protect the stock market, and a French bank trading scandal has made matters worse.
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Fed Chairman Bernanke struck a familiar chord Wednesday but with some concern about subprime problems spilling into the broader economy.
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The Federal Reserve issues another $20bn of credit to ease money markets hit by the global lending squeeze.
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Business & money: An emergency loan of Â£1.6bn and speculation about the sub-prime fallout have rocked the bank.
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The Federal Reserve reported Thursday that consumer borrowing rose at an annual rate of 2.1 percent in December, the weakest showing since April.
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The US sub-prime loan crisis may push up UK mortgage rates, a former Bank of England adviser warns.
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Investor's Business Daily - The Fed's interest rate cuts seem "wholly appropriate" given the severity of the housing slump and the odds that tight credit could hinder economic growth for a long time, Minneapolis Fed chief Gary Stern said. He said the current situation resembles the 1990-91 recession, which was prompted by tighter credit and a housing slump. He added that inflation fell in the early '90s and that current inflation, while running above the Fed's target, should decline over the next several years.
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Troubles in mortgageland may get worse before they get better, especially for subprime borrowers, whose spotty credit histories put them into more costly loans.