Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

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…


RSS print
News Now LiveWire
.@TheNCUA approves modified stress test rule. Read #NewsNow here: http://t.co/RSZh59Ukkj
59 seconds ago
NCUA Ch. Matz said the FOM proposal is the result of enforcement actions taken where CUs advertised open FOMs.
47 minutes ago
.@TheNCUA wants to know if there are other categories that should get automatic approval, staff says.
48 minutes ago
Alumni,homeowner assoc,labor unions, electric coops,scouting & church groups,assn. to further culture of nt'l or ethnic group are auto OKed.
50 minutes ago
Corporate separateness also would be required under FOM proposal. Separate physical location from FCU too.
55 minutes ago