House panel to hold subprime hearing

WASHINGTON (Reuters) - The U.S. House of Representatives Financial Services Committee said on Friday it will hold a hearing in mid-April on ways to curb the rise in home mortgage foreclosures.

The hearing is scheduled for April 17 and would be the latest in a series targeting home mortgages including predatory lending activities and the subprime mortgage market.

Representatives from mortgage finance companies Fannie Mae and Freddie Mac, the Federal Housing Administration, the mortgage industry and consumer organizations will testify, the committee said.

Default rates in U.S. subprime home mortgages, which involves borrowers with poor credit history, have soared amid a housing industry slowdown, and at least 20 subprime lenders have quit or sold their businesses.

The crisis has triggered broad concerns that fallout from the industry may spread and damage the U.S. economy.