Boston Fed Research Plays a Part in Policy
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| Five banks announced last Thursday that they are taking part in a Federal Reserve Bank of Boston-organized partnership to offer $125 million in loans to help subprime borrowers. Discussing the new program are: (from left) Citizens Financial Group Chairman Lawrence K. Fish, Sovereign Bank New England North Market CEO Patrick J. Sullivan, TD Banknorth Massachusetts President Mark C. Crandall, Webster Bank Regional President Robert D. Twomey and Bank of America Massachusetts State President Robert E. Gallery. |
By Amy Wyeth
The Federal Reserve Bank of Boston’s deep research into the subprime lending crisis, a priority for the agency’s new chief Eric Rosengren, seems to be a key driver behind a flurry of new policy initiatives flowing from the national Federal Reserve system.
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