Fed Sets Interest-Rate Triggers for Pricing Data Reporting to Improve Scrutiny of Subprime Market, Exclude Prime Loans
February 4, 2002
The Federal Reserve Board has approved revised changes to Home Mortgage Disclosure Act regulations that exclude prime loans from new pricing data disclosures. But prime lenders aren’t so sure they are entirely off the hook. Mortgage lenders are now testing the veracity of the agency’s claim that a loan pricing disclosure scheme it adopted, in lieu of an earlier proposal lenders lobbied furiously against, would exclude virtually all prime loans.