Federal Reserve Board Governor Susan Bies said recently that the U.S. central bank planned to hold hearings on home-equity lending this summer. These hearings are supposed to be the first step to a review of mortgage disclosure rules she explained. Today.reuters.com reports:
"One of the issues that will be explored at the hearings is likely to be the adequacy of the existing disclosures for nontraditional mortgages, such as interest-only loans and payment option ARMs (adjustable-rate mortgages), as well as 40-year mortgages and reverse mortgages," she added.
Read more: Fed to hold home-equity loan hearings
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