NEW YORK (CNNMoney.com) — Federal Reserve chairman Ben Bernanke outlined the central bank’s proposal Friday to stem the subprime meltdown.
In a speech at the National Community Reinvestment Coalition’s annual meeting, Bernanke said that the Fed is working to curb unfair lending practices to protect borrowers of adjustable rate mortgages.
“The Federal Reserve is strongly committed to fully employing our authority, expertise, and resources to help alleviate [borrowers’] distress,” Bernanke said in written remarks.
Bernanke outlined four responses the Fed is proposing to alleviate the crisis: …
