FHFB to Issue Predatory 'Advisory'

Federal Housing Finance Board Chairman Ronald Rosenfeld vowed Monday that the agency will "soon" issue predatory-lending guidelines for depositories that are members of the Federal Home Loan Bank System.Mr. Rosenfeld would not specify when the guidelines would be released, but suggested that it will be in the next 60 to 90 days. Speaking at an industry trade conference sponsored by the Independent Community Bankers Association, he said all 12 FHLBanks "ought to have a uniform standard that outlines the types of loans that are, and are not, acceptable." He noted that the predatory standards "should apply not only to mortgages held in portfolio but to member loans used as collateral."