Fed report: Subprime mortgage continues to function 

Despite dramatic rise delinquencies and foreclosures, subprime mortgage lending continues to function and new loans are being made, Federal Reserve analysts said in their biannual monetary policy report to Congress.

Credit has tightened as investors in subprime mortgage-backed securities (MBS) have scrutinized the underlying loans more carefully, forcing lenders to tighten underwriting standards, the report said.

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