Senate Holds Hearing on Lending-Industry Troubles
RENEE MONTAGNE, host:
In today's business news, mortgage lenders and regulators in the hot seat. Senate lawmakers today will grill executives from some of the country's major home lenders, as well as the regulators who oversee them. The hearing will focus on the boom in lending to people with low incomes or weak credit.
More and more borrowers are now defaulting and lenders are in financial trouble. The head of the Senate Banking Committee, Christopher Dodd, also a Democratic presidential candidate, blames some of the problem on regulators.
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