No Timetable for Fed HOEPA Rule?

The Federal Reserve Board is working "expeditiously" on crafting proposals to protect consumers from unfair subprime lending practices, but there is no timetable for the issuance of a Home Ownership and Equity Protection Act rule, according to a Fed governor."I can't give you a timetable," Fed Governor Randall Kroszner told a meeting of the New York Bankers Association in Washington. One of the bankers, New York Federal Home Loan Bank President Alfred DelliBovi, told the Fed governor that he senses a lot of "anger" in Congress about the subprime mortgage situation and rising foreclosures. Mr. Kroszner stressed that the board is "very sensitive" to the plight of subprime borrowers who have lost their homes and others that are facing resets on adjustable-rate mortgages. The Fed is devoting a lot of resources to the issue, he said. On July 11, the House passed a resolution (H. Res. 526) that calls for "government action" to protect homebuyers "from unscrupulous mortgage brokers and lenders."