Highlights of the mortgage plan outlined by Federal Reserve Chairman Ben S. Bernanke:

Bar lenders

from making loans without proof of a borrower's income.

Restrict lenders

from penalizing subprime borrowers who pay

off loans early.

Require lenders

to make sure subprime borrowers set aside money to pay for taxes and insurance.


certain types of misleading or deceptive advertising.

Require lenders

to provide financial disclosures so borrowers could use them while shopping for a mortgage.

For more details:

» READ MORE: www.federalreserve.gov


SOURCE: Associated Press