Yellen on Fed's response to subprime crisis

Janet Yellen, the president of the San Francisco Federal Reserve, has underlined the central bank's commitment to addressing the mortgage and foreclosure crisis.

Yellen said: "On Monday, the Federal Reserve Board issued its new Home Ownership and Equity Protection Act, which are designed to strengthen protections for borrowers and to prohibit unfair and deceptive practices in the mortgage market. Importantly, the new regulations establish a new category of "higher-priced mortgages, and prohibit

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