WASHINGTON - The government is preparing to punish some subprime mortgage lenders under investigation for discriminatory practices, the Bush administration's housing secretary said Wednesday.
The Housing and Urban Development Department also has suggested that the largest mortgage companies, Fannie Mae and Freddie Mac, consider giving strapped homeowners more time to make their payments, Alphonso Jackson said at a House hearing.
There has been an alarming spike in foreclosures, especially among homeowners who took out subprime loans. These are higher-priced loans people with tarnished credit or low incomes who are considered riskier.
"We're doing everything in …
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