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Fed to hold Tues meeting on mortgage rule change

WASHINGTON
Fri Dec 14, 2007 12:35pm EST

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United States Chairman of the Federal Reserve System Ben Bernanke speaks after receiving The Citizens of the Carolinas award from the Charlotte Chamber during the Charlotte Chamber Annual Meeting at the Charlotte Convention Center in Charlotte, North Carolina November 29, 2007. The Federal Reserve Board said on Friday it has scheduled an open board meeting on December 18 to discuss proposed rule changes on mortgage lending to address unfair and deceptive lending practices. REUTERS/Chris Keane

WASHINGTON (Reuters) - The Federal Reserve Board said on Friday it has scheduled an open board meeting on December 18 to discuss proposed rule changes on mortgage lending to address unfair and deceptive lending practices.

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The 10 a.m. EST meeting will consider proposed amendments to Regulation Z, which implements the Truth in Lending Act and the Home Ownership and Equity Protection Act.

The Fed has been criticized for failing to use its authority under HOEPA to help home loan borrowers with poor credit histories. It is expected to propose limiting prepayment penalties for those subprime mortgages during the low "teaser" rate periods before rates reset to higher levels, according to sources familiar with the proposals.

(Reporting by David Lawder; Editing by James Dalgleish)
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