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Federal Reserve says to release mortgage rules July 14

WASHINGTON
Mon Jul 7, 2008 4:29pm EDT
New homes are being constructed in Carlsbad, California January 18, 2008. REUTERS/Mike Blake

WASHINGTON (Reuters) - The Federal Reserve said on Monday it has prepared its most sweeping rules to reform mortgage finance and will present them next week.

Housing Market

Fed staff will on Monday, July 14th, present the guidelines for reforming the Home Ownership and Equity Protection Act to the board of governors, who are expected to adopt them.

The rules will set consumer protection standards and guidelines for high-cost mortgages as the Fed presents new mortgage-origination rules drafted in response to the ongoing mortgage finance crisis.

(Reporting by Patrick Rucker; Editing by Dan Grebler)
Housing Market


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