Regulators Urge Loan Servicers to Help Avoid Defaults
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The Federal Reserve and other banking regulators issued guidance today urging loan service companies to work with borrowers in danger of defaulting on home mortgages.
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Lenders will have to confirm that a borrower can afford a mortgage before making a loan under protections proposed by the Federal Reserve on Tuesday, following defaults and losses on U.S. subprime mortgages this year.
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Amid a steady stream of headlines about turmoil in the U.S. mortgage market propelled by rising defaults of subprime loans, home buyers and owners are fast turning to traditional, long-term mortgages for home financing needs, according to a report released on Wednesday.
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Home credit lenders are told   they must provide clearer information to consumers about loan costs.
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The measures promise to protect borrowers from prepayment penalties and misleading loans.
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More than a fifth of people who have come off fixed-rate mortgages have found it hard to meet their repayments.
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The new rules would force companies to show that customers can realistically afford their mortgages.
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Regulators need not lift investment caps on Fannie Mae  and Freddie Mac  in order to rescue troubled subprime borrowers, but new loan products could help some avoid foreclosure, Federal Reserve Chairman Ben Bernanke said in a letter released on Wednesday.
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Creditors put more pressure on debt-soaked borrowers.
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Under pressure from lawmakers and consumer groups, the payday lending industry yesterday disclosed changes to educate borrowers and help customers who have trouble making payments on short-term loans.
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NEW YORK -- The nation's banks are just beginning to feel the pain of defaults on risky mortgages they made at low introductory rates when housing prices were soaring, Federal Reserve governor Susan Bies said.
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WASHINGTON -- Federal regulators directed banks on Friday to properly explain the risks posed to borrowers from interest-only and other nontraditional mortgages.
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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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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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Troubles in mortgageland may get  worse before they get better, especially for the so-called  &quot;subprime&quot; borrowers whose spotty credit histories put them  into more costly loans.
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The new rules are intended to protect would-be home buyers from unscrupulous lenders and, in a sense, from themselves.
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The crisis in the U.S. subprime  mortgage market has heightened tension between mortgage lenders  and brokers who both hope to shape any laws aimed at stamping  out dangerous loans.