Banks cannot shun subprime borrowers: Rosengren
Eric Rosengren, the president of the Boston Federal Reserve, stressed on Monday the importance of continued availability of loans to subprime borrowers.
"We will continue to encourage banks to lend to qualified borrowers," Rosengren said. "And we encourage existing lenders to extend terms or refinance into fixed-rate products."
But Rosengren admitted it would be difficult to refinance borrowers: "In Massachusetts, eight of the ten largest subprime "specialists" are no longer lending. So to
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