MIAMI AP - The Federal Reserve signed off Monday on a long-anticipated plan to end the abusive lending practices that victimized many borrowers in the now-collapsed subprime market.The rules, however, will only cover new loans, not existing ones, so they will have little effect on the rising tide of mortgage delinquencies and foreclosures across the country.
July 15, 2008 at 12:00 AM
1 minute read
MIAMI AP – The Federal Reserve signed off Monday on a long-anticipated plan to end the abusive lending practices that victimized many borrowers in the now-collapsed subprime market.
The rules, however, will only cover new loans, not existing ones, so they will have little effect on the rising tide of mortgage delinquencies and foreclosures across the country. The rules don’t go into effect until Oct. 1, 2009.
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