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Washington
Inside Washington (08/25/2010)
* WASHINGTON (8/26/10)--A Federal Reserve official this week hinted that increasing the financial literacy of potential homebuyers may do more to prevent future housing market and foreclosure-related troubles than strengthened regulations would. As reported in American Banker on Aug. 25, Federal Reserve Bank of Chicago President Charles Evans indicated that while governmental elimination of so-called "nonstandard" mortgage loan products would reduce the number of risky loans, eliminating those types of loans would result in fewer options for qualified, knowledgeable homebuyers. Rather, promoting greater financial literacy could “keep those who shouldn't be in exotic mortgages from getting them while leaving such mortgages available to the small group of people for whom they are appropriate," Evans said…


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