Fed Hearings Will Probe Subprime Lending Practices
May 12, 2006
The subprime lending industry will be on public display next month, when the Federal Reserve Board convenes four hearings on the adequacy of its high-cost loan regulations. The Fed is calling the hearings under the Home Ownership and Equity Protection Act, which Congress passed in 1994 to curb predatory practices in the home-equity market by imposing additional disclosure requirements and limits on certain high-cost home loans. …