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Cuomo Steps Into Mortgage Crisis
Summary from United States, from articles in English
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The new regulations particularly target abuses in the subprime mortgage market, which has been largely unregulated because the loans are secured and held by private investors. (article 4)
Subprime mortgages, designed to make loans available to borrowers with low incomes or poor credit, carry above-market interest rates to compensate investors for the added risk of default. (article 4)
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 2)
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 3)
Chairman Ben Bernanke and his central bank colleagues approved a plan Monday that would crack down on dubious lending practices that have hurt many of the riskiest "subprime" borrowers people with tarnished credit histories or low incomes. (article 3)
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 3)
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Other summaries about this story:
Event tracking:
Story keywords
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loan, Lenders, mortgage, borrowers, Cuomo |
Source articles
- ABC News: Panicking? See How to Protect Your Money (ABCNews, 07/15/2008, 471 words)
- New rules to curb abusive lending won't take effect till '09 (boston.com, 07/15/2008, 416 words)
- ABC News: Fed Cracks Down on Mortgage Practices (ABCNews, 07/14/2008, 321 words)
- The new regulations particularly target abuses in ... (baltimoresun.com, 07/15/2008, 588 words)
- News for Dallas, Texas (dallasnews.com, 07/15/2008, 758 words)
- Cuomo Steps Into Mortgage Crisis (nytimes.com, 07/13/2008, 544 words)
- Credit crunch takes toll on student loans (ft.com, 07/14/2008, 429 words)
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blaster@cs.columbia.edu
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