Fed Approves Plan to Curb Risky Lending
Posted by ecoshift on December 19, 2007
In Reversal, Fed Approves Plan to Curb Risky Lending – New York Times
By EDMUND L. ANDREWS
Published: December 19, 2007
WASHINGTON — The Federal Reserve, acknowledging that home mortgage lenders aggressively sold deceptive loans to borrowers who had little chance of repaying them, proposed a broad set of restrictions Tuesday on exotic mortgages and high-cost loans for people with weak credit.