The federal financial regulatory agencies have issued proposed illustrations of consumer information for certain adjustable-rate mortgage (ARM) products described in the agencies' Statement on Subprime Mortgage Lending (Subprime Statement).

The illustrations consist of an explanation of some key features and risks that the Subprime Statement identifies and a chart that shows the potential consequences of payment shock in a concrete, readily understandable manner.

The agencies seek public comment on all aspects of the proposed illustrations. Comments are due 60 days after publication in the Federal Register.

See the Board's press release for full details.

Press release

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