Federal Reserve hardens rules on subprime lending

The Federal Reserve on Tuesday issued a set of proposals for firmer regulations on subprime lending practices aimed at protecting consumers from unfair and deceptive home mortgage lending and advertising.

Ben Bernanke, the chairman of the Federal Reserve, said: "We want consumers to make decisions about home mortgage options confidently, with assurance that unscrupulous home mortgage practices will not be tolerated."

"We strive to protect borrowers from practices that are unfair or deceptive, b