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 July 30, 2007

Federal Reserve Offers More Details on Mortgage Regulations
Sandra Braunstein, director of consumer and community affairs for the Federal Reserve reports that the fed is drafting new rules which will regulate escrow accounts, prepayment penalties, and stated income loans.
Braunstein stated that the fed feels that these topics deserve additional regulation at this point in time and states that writing rules is a major undertaking and is not taken lightly because the Fed believes in free markets.

She continued by saying that the Fed has planned an overhaul of the types of disclosures that lenders are required to provide buyers with and that the Central Bank was likely to address deceptive advertising practices of loan products.

These remarks come one weeks following Fed Chairman Ben Beranke's announcement to the House Financial Service Committee stating that the Fed would propose controls on certain mortgage lending practices later in the year.

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