July 9, 2007
Latest Chicago Fed Letter Compares Prime and Subprime Mortgage Markets
Against the backdrop of news reports on high mortgage delinquency rates, the August 2007 Chicago Fed Letter examines recent trends in mortgage lending and compares the prime and subprime markets in particular.
Federal Financial Regulatory Agencies Issue Final Statement on Subprime Mortgage Lending
In a press release, the federal financial regulatory agencies announced a final Statement on Subprime Mortgage Lending to address issues relating to certain adjustable-rate mortgage (ARM) products that can cause payment shock. The statement reinforces the April 17, 2007, interagency Statement on Working with Borrowers and includes changes based upon comments received from the public during the public comment period in March.