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Home prices continue to decline, and defaults are accelerating on a wide range of loans.
The goal, the company says, is to expand a limited range of loans financed by a hodgepodge of nonprofit groups.
Because a mortgage broker typically sells loans on behalf of perhaps 10 lenders, at most, a borrower could be offered a range of loans that does not include the market's lowest.
He explained that the conspiracy ran from 2005 to 2007 and concerned dollar Libor, an important financial industry benchmark used to price a wide range of loans and derivatives.
Until more of the securitization market revives, or some new form of financing takes its place, a wide range of loans needed to secure a lasting economic recovery will remain elusive, experts said.
Fannie Mae and Freddie Mac, the two government-sponsored giants of the mortgage market, were encouraged to guarantee a wider range of loans in the 1990s.The share of Americans who owned their homes rose steadily.
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The Federal Reserve, in its quarterly survey of bank lending practices released Monday, found large numbers of banks reporting tighter credit standards across a broad range of loan products.
For most of my career, I have worked on behalf of credit unions, helping them market a wide range of loan services to their members.
For example, the agency could have demanded that servicers offer a range of loan modifications to a borrower, without getting approval by the owner of the mortgage.
Capital One argued that consumers would reap the benefits of the deal, as the bank rolls out a broader range of loan products to ING Direct customers.
The Federal Reserve said Monday that its latest quarterly survey of bank lending practices found high numbers of banks reporting tighter credit standards across a broad range of loan products.
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