Speaking at the Federal Reserve open meeting on mortgage
rules, Federal Reserve Chairman Ben Bernanke said the new rules
will be aimed at protecting consumers from deceptive practices.
Bernanke said that the new rules would apply to all mortgage lenders,
as delinquencies and foreclosures continue to grow rapidly. Bernanke
pointed to deceptive practices as the key reason for the inappropriately
high cost of loans.
The new rules ban prepayment penalties on mortgage
loans whose…