Congress demands action on subprime regulation

Representatives target so-called "liar loans"

Senior members of the US Congress sent a letter to US banking regulators expressing their concerns about the state of the subprime mortgage market on Wednesday.

Congressman Spencer Bachus (R-AL) the ranking member of the House Financial Services Committee, Congressman Paul Gillmor (R-OH) the ranking member of the Subcommittee on Financial Institutions and Congresswoman Judy Biggert (R-IL) the ranking member of the Subcommittee on Housing are following up on a series of speeches made by regulators

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