Fed's regulatory response to subprime revealed

Better consumer information, rules to address unfair lending practices and a more coordinated enforcement of consumer-protection laws are needed to prevent another subprime crisis, according to the Federal Reserve.

Randall Kroszner, a member of the Fed's board, outlined the central bank's proposals to reform mortgage practices before the Committee on Financial Services on Wednesday.

Outlining the Fed's approach, he said: "The Board believes it is extremely important to strike the right balanc

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