Feds urge caution on subprime mortgages
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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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At a Senate Banking Committee hearing yesterday, legislators and consumer advocates prodded federal banking regulators to move more quickly to put restrictions on non-traditional mortgage lending, because, they said, the new kinds of mortgages may place borrowers and lenders at financial risk.
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U.S. Treasury Secretary Henry  Paulson said on Tuesday a decline in U.S. housing activity has  caused some damage in subprime mortgage markets but was not  hurting the overall economy.
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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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Two Federal Reserve officials said today that problems in housing and mortgage lending have begun to threaten the overall economy.
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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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A number of U.S. states are setting up funds to help homeowners with risky subprime mortgages refinance to more affordable loans in a bid to slow the rate of home foreclosures, The Wall Street Journal reported on its Web site.
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Alistair Darling calls on Britain's banks to be more cautious lenders amid concerns over consumer debt.
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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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U.S. lenders would have to determine that a borrower can afford a mortgage before making the loan under a Federal Reserve staff proposal on new regulations released on Tuesday.
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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.
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H&R Block looks to put its subprime woes behind it.
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ST. LOUIS  - Poor underwriting and investment decisions in subprime mortgage markets have led to the losses that are now even-handedly punishing lenders and investors, St. Louis Federal Reserve Bank President William Poole said on Friday.
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Bank regulators issued new standards for subprime mortgage lending on Friday that includes several new consumer protections.
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The Federal Reserve Board and other federal and state regulators announced plans yesterday to review the practices of lenders who are significant players in the troubled subprime home mortgage market, which typically caters to borrowers with blemished credit.
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Borrowers should be wary of programs that play off their fears of losing their homes when mortgage rates reset to significantly higher levels.
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The Securities and Exchange  Commission is investigating how banks, credit rating firms and  lenders valued and disclosed complex mortgage-backed securities  that ultimately led to the subprime crisis, a top agency  enforcer said on Saturday.