Fed's Poole: Subprime woes look contained
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ST. LOUIS  - Stress in the subprime mortgage market does not look great enough to derail consumer spending, St. Louis Federal Reserve Bank President William Poole said on Friday.
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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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Lowering interest rates Â the Federal Reserve's tool for bracing the wobbly economy Â is not without risk.
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Central banks signaled that rises in interest rates were less certain than they had indicated just a few weeks ago as weak U.S. housing data sent fresh shivers through world markets.
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Weeks after problems with subprime mortgages began roiling the industry, advertisers are offering reassurances about their stability and ability to ride out the storm.
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Central banks should not respond to every wiggle from inflation as they seek steady prices and the "too big to fail" mantle enjoyed by Fannie Mae and Freddie Mac pose a threat to financial stability, St. Louis Federal Reserve Bank President William Poole said on Saturday.
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Federal bank regulators, worried about a surge in defaults on high-risk home mortgages, on Friday called on lenders to exercise caution in making subprime loans and closely evaluate borrowers' ability to repay them.
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WASHINGTON -- Continuing concerns about inflation underpin the Federal Reserve's stand against changes in interest rates.
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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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US and European stocks were hit by a new bout of nerves on Tuesday as economic reports and the minutes of the latest meeting of the US Federal Reserve forced investors to focus on the impact of the subprime mortgage crisis on the wider economy.
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U.S. stock futures lost ground Tuesday as concerns mounted about the viability of subprime mortgage lenders and whether their troubles would spread to other parts of the economy.
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Investor's Business Daily - Starting in Q4, federal and state regulators will cooperate to review the subprime lending practices of mortgage brokers and nondepository lenders to ensure compliance with consumer protection laws, the Fed said. Many mortgage brokers and thrifts are overseen by state, not federal, regulators. Fed chief Ben Bernanke will likely face criticism for failing to curb lending abuses when he appears before Congress on Wed. and Thu.
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Troubles in the subprime mortgage sector could put Wall Street on edge this week just as investors look for key economic data, including the Consumer Price Index, to shore up the market's nascent recovery after its recent plunge.
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Subprime jitters grab market in the absence of other economic data.
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WASHINGTON -- Concerns about inflation trumped worries about the slumping housing market last month in the minds of Federal Reserve officials who voted to hold interest rates steady.
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Since the subprime crisis erupted, the repeated hope has been that it would get no worse, and spread no further. Three things I read this week â two essays and a report from the European Central Bank â help us to understand how we got into this mess, and why it could get worse. The [...].
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A tsunami of interest rate increases on adjustable-rate mortgages is coming, meaning that the worst of the subprime lending fiasco is far from over.