Fed Adopts Plan to Curb Shady Mortgage Practices
BusinessFed Adopts Plan to Curb Shady Mortgage PracticesFed Adopts Plan to Curb Shady Mortgage PracticesThe Associated PressThe Federal Reserve has adopted rules to give home buyers more protection from the types of shady lending practices that have contributed to the housing crisis and propelled foreclosures to record highs. (July 14)[Notes:ANCHOR VOICE] Terms like ‘bad credit, no credit, no money down’ are some of the buzz words lenders have used to get borrowers to sign onto expensive home loans. Loans they increasingly cannot afford. These dubious practices have hurt many of the riskiest “subprime” borrowers _ people with tarnished credit histories or low incomes. In an effort to reign in these practices, the Federal Reserve has adopted rules to give home buyers more protections. [Notes:Bulletpoint graphic]Under the new rules, lenders – Would be barred from from making loans without proof of a borrower’s income. – Would have to ensure risky borrowers set aside money to pay for taxes and insurance. – Would be restricted from penalizing risky borrowers who pay loans off early. – Would be prohibited from making a home loan without considering a borrower’s ability to repay from sources other than the home’s value. [Notes:B-roll] The rules may not get a test for some time. There are fewer home buyers these days, given all the problems in the housing and credit markets.And some of the shady practices _ along with some lenders _ have not survived the mortgage meltdown. ___ ___, The Associated Press.(****END****)
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