Subprime lenders to be regulated

IRELAND is introducing legislation to regulate the subprime mortgage market following the global credit crunch, the Sunday Business Post has reported, citing Finance Minister Brian Cowen.

The law will require all subprime mortgage lenders to be regulated by the Financial Regulator and to comply with corporate governance requirements, the newspaper said.

The rules are being introduced in the Markets in Financial Instruments and Miscellaneous Bill 2007.