Consumer Law

Fed to Issue New Mortgage Lending Regulations Next Week

By Jeff Sovern

During a speech yesterday, Fed Chair Ben S. Bernanke made the following statements about the long-awaited mortgage lending regulations:

Next week, the Federal Reserve Board will issue new rules on mortgage lending, using its authorities under the Home Ownership and Equity Protection Act. These new rules, which will apply to all lenders and not just banks, will address some of the problems that have surfaced in recent years in mortgage lending, especially high-cost mortgage lending. We received many helpful comments on our proposal and we incorporated a number of them into the final rules.

Media reports have indicated the new regulations will be issued Monday. 

Full post as published by CL&P Blog on July 09, 2008 (boomark / email).