Dodd challenges Bernanke to write stricter rules on loan
U.S. Senate Banking Committee, Christopher Dodd said the Federal Reserve chairman consumer protection must be more aggressive for mortgages, in writing in place of new regulations, guidelines for the regulation is not applicable.“ I think they are only provided that the market will take care of it,”Dodd said yesterday in an interview in Washington. “ We’re still out there, without clear rules, what is tolerable and what is not acceptable.”
Dodd and Federal Reserve Chairman Ben S. Bernanke are at odds with how best to prevent abuse and fraud in relation to loans at a time when delinquency rates on the Subprime mortgages rose to a four-year high.
Fed officials rather the promotion of the principles of its loan by discreet channels of supervision and guidance letters. Dodd slight preference “ Linie”Regeln, April he said in a letter to Bernanke.
Last Dodd’s comments by the Federal Reserve, given the future of the Agency on June 14 public consultation, under pressure planned, the chairman of the Senate to consider options to improve standards of value. Dodd, Democrat of Connecticut, his party aspires to the presidential candidacy of 2008, a surveillance monitor the Federal Reserve.
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