BUSINESS

Hostile Lawmakers Criticize Fed's Mortgage Plan

03/28/2008 02:45 am 02:45:35 | Updated May 25, 2011

Concerns about the U.S. mortgage crisis and turmoil in global credit markets intensified, with U.S. policy makers seeking to clamp down on the practices that created the crisis and Europe's central bank pouring an unprecedented half-trillion dollars into an effort to soothe markets.

The Federal Reserve proposed new rules that would sharply curtail the kinds of high-risk mortgages largely responsible for the global credit crunch. But the proposal drew a lukewarm, and occasionally hostile, reaction from lawmakers and other critics, who called for more-aggressive action.

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