Fed tightens lending standards

The Federal Reserve on Monday approved a series of measures which it hopes will protect consumers against the sort of misleading lending practices considered partly responsible for the subprime crisis.

Ben Bernanke, the chairman of the Fed, said the rules were "intended to protect consumers from unfair or deceptive acts and practices in mortgage lending, while keeping credit available to qualified borrowers and supporting sustainable homeownership."

He added: "Importantly, the new rules will a