Bill Would Tighten Mortgage Standards
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Barney Frank, chairman of the House Financial Services Committee, yesterday unveiled legislation aimed at curbing abusive lending practices that, he said, have fueled an alarming rise in foreclosures.
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A House committee chairman said that he would seek legislation to curb lending abuses if the central bank did not act quickly to do so.
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The Federal Reserve unveiled a proposal, expected to be endorsed later Tuesday, that would give people taking out home mortgages new protections against shady lending practices.
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The Federal Reserve on Tuesday will propose a much stricter set of rules for mortgage lenders as part of the central bank's effort to avert abusive lending.
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Plan to bail out struggling sub-prime mortgage defaulters soothes troubled financial markets.
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Senator Charles Schumer yesterday proposed two government-sponsored mortgage giants be allowed to increase their role in the home loan market as a stabilizing force for the troubled mortgage industry.
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WASHINGTON -- A Federal Reserve plan being unveiled Tuesday would give people taking out home mortgages new protections against shady lending practices.
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The Patrick administration's chief housing official yesterday called for better regulation of mortgage brokers and the establishment of a $5 million fund to assist the escalating number of Massachusetts homeowners facing the loss of their homes through foreclosure.
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Two senior Democratic lawmakers said  on Tuesday they were considering legislation to restrict risky  mortgage lending practices and protect borrowers after news  that foreclosures in the U.S. subprime mortgage sector were  rising.
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The US Department of Housing and Urban Development has finalized a rule that will require the nation&#39;s two largest housing finance companies to increase their purchase of mortgages for low- and moderate-income families and underserved communities.
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The Federal Reserve Board on Tuesday proposed new protections for high-cost mortgage borrowers to avoid a repeat of the loose lending standards that have put many Americans at risk of losing their homes.
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The chairman of the banking  committee of the Senate will on Wednesday afternoon unveil a  comprehensive plan to reform mortgage lending, sources familiar  with the plan said.
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President George W. Bush on Thursday signed into law a measure that will waive taxes on many homeowners who must restructure their mortgages as they face foreclosure.
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Bankruptcy courts would be allowed to alter mortgages written by "predatory lenders" in moves that could save 600,000 Americans from foreclosure, according to the author of a bill introduced in the U.S. Representatives on Friday.
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The Federal Reserve endorsed new rules Tuesday that would give people taking out home mortgages new protections against shady lending practices.
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The Senate moved against the worsening mortgage crisis Friday, voting to make it easier for thousands of homeowners with ballooning interest rates to refinance into federally insured loans.
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A new law is passed in the US designed to prevent the current housing crisis from getting worse.