06-23-2007
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Rep Power: 671 | |  Economy - Friday (Investor's Business Daily)
Investor's Business Daily - Cleveland Fed chief Sandra Pianalto said policymakers must try to "preserve the benefits of financial innovation while protecting consumers from unfair and abusive practices." Such innovation has lowered costs for borrowers and given them a wider range of loan choices. But their interests may conflict with those of mortgage brokers, who are usually compensated only when a loan is made, Pianalto said.
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