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AARP, 'Older Borrowers Can Take Real Confidence From New Fed Mortgage Lending Rules'
July 14, 2008In reaction to mortgage lending rules adopted today by the Federal Reserve Board, AARP released the following statement from Senior Vice President David Sloane: "Predatory mortgage lending has cost too many older Americans the security that was the equity in their home. Caught in later life with unaffordable loans, their dreams for a safe and comfortable retirement turned into nightmares by foreclosure; they deserved better. With the rules adopted today, The Federal Reserve Board has acknowledged the role lax or nonexistent underwriting standards and abusive loan terms and conditions played in the foreclosure crisis among older homeowners. Full release.