Gramlich: Update on the Predatory Lending Issue

In his speech 'An Update on the Predatory Lending Issue' Edward Gramlich of the Federal Reserve said the effect of local laws aimed at stopping predatory lending - high-cost home loans to unsophisticated borrowers with spotty credit - was still unclear. "The effects of such laws, particularly their potential for unduly constraining mortgage lending, is still under debate," he told a conference in Texas.

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