Geared to a Main Street audience, this e-newsletter will provide a sampling of the latest speeches, research, podcasts, videos, lesson plans and much more. Sign up now to have this emailed to you monthly at no charge.View Publication
The Federal Reserve Board laid out a new rule in mid-July to better protect consumers and facilitate responsible lending.
This rule is an amendment to the home mortgage provisions of Regulation Z (Truth in Lending). Anecdotal evidence gathered from many sources has indicated that few small and community bankers in the Eighth District engaged in sub-prime loans. However, as a banker or other lender, here's what you need to know:
Fed Chairman Ben Bernanke said in mid-July, "The new rules...will establish lending standards aimed at curbing abuses while preserving responsible sub-prime lending and sustainable homeownership. ...We believe the new rules will help to restore confidence in the mortgage market."
See the full details at www.federalreserve.gov/newsevents/press/bcreg/regz20080714.htm.