Tougher subprime-lending standards urged - 2007-03-02
Federal bank regulators demanded higher standards for subprime loans Friday, saying they're concerned that borrowers of adjustable-rate mortgages may not understand the risks associated with them. Guidance from the Federal Reserve and other agencies targets loans such as subprime ARMs that have low initial payments and loans that have high or no limits on how much payments or interest rates may go up.
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Report: U.S. mortgage crisis ahead - 2007-03-02
Foreclosures among high-risk U.S. mortgages could create the worst mortgage crisis since the 1980s, a published report declared Friday. Increasing foreclosures and defaults have pushed more than 20 lending companies into bankruptcy, The Christian Science Monitor declared. Some housing specialists worry the mortgage industry will respond by hiking its lending standards so high that would-be homeowners with less-than-perfect credit will be frozen out, extending the current U.S. housing slump.
Read the full story at Monsters and Critics.com