Subprime standardisation can help: Fed's Kroszner
Randall Kroszner, a Federal Reserve governor, said last Friday that he is hopeful efforts to standardise loan-modification options and processes for subprime loans will help lenders, investors, homeowners, and communities faced with potential mortgage loan defaults.
"Standardisation in the terms and in the contractual rights and obligations of purchasers and sellers of the product reduces the need to engage in extensive efforts to obtain information and reduces the need to verify the information
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