The Senate is holding hearings on sub-prime lending and lending practices in this country. I guess after so many sub-prime lenders bit the dust the past few months and foreclosures increasing it was only a matter of time before Congress stepped in.
UPDATE 2-US mortgage practices out of balance - key senator Regulatory News Reuters.com: “WASHINGTON, Feb 7 (Reuters) - U.S. mortgage lending practices are ‘out of balance’ and need to protect minority borrowers and those with less than pristine credit, Sen. Christopher Dodd, chairman of the Senate Banking Committee, said on Wednesday.”
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Status of the FHA Modernization Bill
Some want to blame the Feds for the subprime mess
Senator Receives Preferential Treatment From Countrywide
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on May 21st, 2007 at 11:14 am
[...] the poor credit folks. The racial connotations of this are very evident – just look back at the subprime mess! I’m not saying this is a racist arrangement but what I am saying is any perception of increased [...]