Feds Give Mortgage Guidance to Banks
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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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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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Less than a month after posting a hefty drop in quarterly earnings, the Federal Home Loan Bank of Seattle agreed yesterday with its regulator on steps to improve its performance.
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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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COEUR D'ALENE, Idaho  - As regulators in Washington hammer out a final directive on how the mortgage industry should provide hybrid products, state regulators say the regulation must also address the ability of borrowers to repay loans on their homes.
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U.S. bank regulators issued new  standards for subprime mortgage lending Friday that includes  several new consumer protections.
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Federal banking regulators yesterday called on lenders to tighten their standards for issuing nontraditional home loans.
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The top two U.S. economic policymakers told Congress on Thursday that allowing the biggest home finance companies to buy larger loans could ease mortgage market strains, but should be coupled with tighter regulation of the firms.
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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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Mortgages are complicated, and lending markets are in flux right now, but savvy, well-positioned consumers can still get the loans they need to buy, build, or refinance a home. They just need to pay attention to what's going on, says David Reed, a lending veteran based in Texas and co-author of "Mortgage Confidential."
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Concerned about mortgage fraud and predatory lending practices, many states have toughened their laws by requiring loan officers or originators to undergo extensive background checks and show proof of professional experience and training. Still, attracted by the lucrative mortgage business, many ...
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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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Federal banking regulators set final rules on subprime mortgages, turning aside banking industry efforts to weaken them.
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Fannie Mae and Freddie Mac will have to increase their funding of mortgages for low- and moderate-income home buyers, under a new rule the Department of Housing and Urban Development announced yesterday.
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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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A federal regulator yesterday adjusted restraints on Fannie Mae and Freddie Mac, saying the changes will allow the government-sponsored mortgage-funding companies to buy more subprime loans and help borrowers avoid foreclosure.
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Home credit lenders are told   they must provide clearer information to consumers about loan costs.