The federal financial regulatory agencies have issued a final Statement on Subprime Mortgage Lending to address issues relating to certain adjustable-rate mortgage (ARM) products that can cause payment shock.

The statement describes the prudent safety and soundness and consumer protection standards that institutions should follow to ensure borrowers obtain loans they can afford to repay.

See the Board's press release for full details

Press release

Contact:
Public Affairs
(212) 720-6130
general.info@ny.frb.org