Fed Says Banks Ease Loan Standards
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Major American banks and foreign banks with U.S. branches made it easier for companies to obtain loans in recent months, a Federal Reserve survey of bank officers released on Monday showed.
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Bank regulators tightened standards for mortgage lending on Friday in a bid to curtail risky practices that have been blamed for a record level of foreclosures.
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Mortgage applications barely advanced last week even as interest rates sank to their lowest levels since May, an industry group said on Wednesday, largely reflecting the increasing difficulty borrowers face to obtain a loan as banks tighten lending standards.
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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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The Federal Reserve is providing the loans as part of an unprecedented auction process to ease a global credit crisis and make sure financial institutions can keep lending to customers.
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Federal Reserve Bank of Dallas President Richard Fisher on Monday said the U.S. central bank cut interest rates last week to avert an unacceptable economic slowdown and said it could move again, in either direction.
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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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Investors appeared to put aside their concerns about tighter credit availability, signs that the economy may be slipping and uncertainty about what the Fedâs next move will be.
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Ben S. Bernanke said the Federal Reserve was âprepared to act as neededâ but suggested developing a wider range of mortgages for borrowers hit by the housing slump and credit crunch.
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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 U.S. economy has come through its recent soft patch and the Federal Reserve still has some way to go to restore interest rates to more normal levels, Fed officials said on Monday.
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Thanks to relaxed lending standards, in recent years borrowers with bad credit -- such as a bankruptcy or a delinquent loan on their records -- found it relatively easy to get home mortgages.
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VIENNA, Virginia  - The head of the U.S. Office of Thrift Supervision told Reuters on Friday that federal regulators will issue by the end of next week a final version of subprime lending standards for borrowers with weak credit.
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People taking out home mortgages may gain new protections soon against shady lending practices as the Federal Reserve seeks to back even the riskiest borrowers, already hit hardest by the housing and credit crunches.
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The Federal Reserve proposed new regulations yesterday to clean up a broad array of deceptive mortgage lending practices, a move that represents the central bank's most significant response to the nation's housing tumult.
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Federal regulators tentatively agreed to ease an accounting requirement for foreign companies that trade on U.S. exchanges.
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Top bankers warn that many lenders are letting their standards slip and making imprudent loans.