Fed's new mortgage lenders regulations - Kroszner

- Central Banking staff
- 02 Apr 2008

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New lending regulations proposed by the Federal Reserve will apply to independent mortgage companies and mortgage brokers as well as banks, said Randall Kroszner, a member of the board of governors.

The new regulations are designed to prevent abuse, unfairness and deception. They would, for instance, prohibit a lender from engaging in making higher-priced loans based on the value of the borrower's house rather than on the borrower's ability to repay from income, or from assets other than the

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