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Jul 14, 2008

Fed acts to stamp out deceptive mortgage practices (Reuters)

Federal Reserve Chairman Ben Bernanke speaks at the Federal Deposit Insurance Corporation forum on mortgage lending for low- and moderate-income households at the William Seidman Center in Arlington, Virginia, July 8, 2008. (Larry Downing/Reuters)Reuters - The Federal Reserve Board on Monday approved new rules to ban misleading and deceptive practices in mortgage lending, including prepayment penalties for many subprime loans.