Fed to clamp down on exotic and subprime loans

Fed to clamp down on exotic and subprime loans

Tuesday, July 8, 2008

(From The New York Times) WASHINGTON -- With no end in sight to the turbulence in the housing and financial markets, the chairman of the Federal Reserve said on Tuesday morning that it would issue new lending rules next week to restrict exotic mortgages and high-cost loans for people with weak credit.

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