{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='The Federal Reserve unveiled a proposal Tuesday that would give people taking out home mortgages new protections against shady lending practices.' data-url='/boclips/videos/5c54bc70d8eafeecae12ca61' data-video-url='/boclips/videos/5c54bc70d8eafeecae12ca61' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nThe Federal Reserve unveiled a proposal Tuesday that would give people taking out home mortgages new protections against shady lending practices.\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eHEADLINE: Fed moves to block shady mortgage practicesCAPTION: The Federal Reserve is looking at a plan that seeks to protect borrowers from shady mortgage practices. The proposal from Fed staff members includes barring lenders from...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eHEADLINE: Fed moves to block shady mortgage practices\u003cbr/\u003eCAPTION: The Federal Reserve is looking at a plan that seeks to protect borrowers from shady mortgage practices. The proposal from Fed staff members includes barring lenders from making loans to people without verification of income.(Dec 18)\u003cbr/\u003e[Notes:ANCHOR VOICE]  \u003cbr/\u003e[Notes:video of homes]\u003cbr/\u003eWith foreclosures on subprime home mortgages at record levels, the Federal Reserve is taking steps to protect borrowers from shady lending practices.  The Fed proposed rules to safeguard borrowers with less-than-perfect credit histories.  Many have been stung by rapidly increasing mortgage payments and shrinking home values.\u003cbr/\u003e[Notes:sots and cover from fed meeting]\u003cbr/\u003eIn announcing the proposed rules, Fed chairman Ben Bernanke acknowledged the foreclosures that hit four-point-seven-two percent of the subprime market in the third quarter of this year.\u003cbr/\u003e[Notes:graphic here]\u003cbr/\u003eThe proposal:\u003cbr/\u003e--Restricts penalties on certain subprime borrowers who pay off their loans early.\u003cbr/\u003e--Requires lenders to make sure subprime borrowers can pay taxes and insurance.\u003cbr/\u003e--Bars lenders from making loans without proof of a borrower's income.\u003cbr/\u003e--Prohibits lending without considering the ability to repay a loan from sources other than the home's value. \u003cbr/\u003e [Notes:file of homes]\u003cbr/\u003eThe subprime mortgage crisis has lead to drops in home sales across the housing market--and put sellers on edge.\u003cbr/\u003e [Notes:SOT FROM FILE PKG]\u003cbr/\u003eThe Fed also wants to prohibit practices like failing to properly credit a mortgage payment to a borrower's account.\u003cbr/\u003e [Notes:sot from analyst]\u003cbr/\u003eThe proposed rules face a public comment period and another vote before being finalized.\u003cbr/\u003eThe Associated Press.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details 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