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Fed adopts plan to curb shady mortgage practices
Summary from multiple countries, from articles in English
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The rules bar lenders from making loans without proof of a borrower's income and require lenders to ensure risky borrowers have reserved money to pay for taxes and insurance. (article 5)
The Federal Reserve has adopted rules to give home buyers more protection from the types of shady lending practices that have contributed to the housing crisis and propelled foreclosures to record highs. (article 7)
In other cases, a penalty can't be imposed in the first two years of the mortgage prohibit lenders from making a loan without considering a borrower's ability to repay a home loan from sources other than the home's value. (article 7)
(Ted S. Warren/Associated Press) The U.S. Federal Reserve Board has approved a rule that prohibits unfair, abusive or deceptive home mortgage lending practices for subprime loans, the agency said Monday. (article 3)
Such practices have been identified as one cause of the U.S. mortgage meltdown that has led to forced sales, and financial and stock market turmoil among lenders and mortgage companies. (article 3)
WASHINGTON The nation's central bank clamped down hard Monday on mortgage lenders, issuing new rules designed to curb the kind of shady practices that led to the subprime mortgage crisis. (article 8)
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Other summaries about this story:
Event tracking:
Story keywords
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Mortgage, loan, borrowers, lenders, Countrywide |
Source articles
- Why Seller Financing Should Be a Last Resort (Washington Post, 07/14/2008, 570 words)
- News for Dallas, Texas (dallasnews.com, 07/14/2008, 758 words)
- U.S. regulator toughens subprime mortgage rules (cbc.ca, 07/14/2008, 349 words)
- New protection for US home buyers (BBC News, 07/14/2008, 234 words)
- New rules to curb abusive lending won't take effect till '09 (boston.com, 07/15/2008, 416 words)
- Fed adopts plan to curb shady mortgage practices (Washington Post, 07/14/2008, 439 words)
- ABC News: Fed Cracks Down on Mortgage Practices (ABCNews, 07/14/2008, 321 words)
- body {background:#FFFFFF} (L.A. Times, 07/14/2008, 607 words)
- Fed to curb shady home-lending practices (Washington Post, 07/14/2008, 458 words)
- Fed adopts plan to curb shady mortgage practices (boston.com, 07/14/2008, 483 words)
- When mortgages go bad (L.A. Times, 07/14/2008, 373 words)
- Silence of the Lenders (nytimes.com, 07/13/2008, 763 words)
- The New York Times (topics.nytimes.com, 07/15/2008, 204 words)
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blaster@cs.columbia.edu
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