WASHINGTON

Obama proposes new boiler emissions standard

The Obama administration proposed Friday cutting hundreds of tons of cancer-causing toxic metals emitted by industrial boilers, process heaters and solid waste incinerators by December.

The proposal would require large boilers and all incinerators to meet emission limits for mercury and other pollutants.

The EPA estimates it would cost $3.6 billion to install and maintain pollution controls required under these rules.

 

New restrictions on some Fannie Mae mortgages

Battered by a tidal wave of loan defaults, mortgage finance company Fannie Mae is tightening standards for the adjustable-rate and interest-only loans that fed the housing boom and contributed to the bust.

The company said Friday it will require mortgage lenders to consider how high a borrower’s mortgage payments might rise after teaser rates expire.

Fannie Mae also will enact tighter standards for “interest-only” loans that allow borrowers to avoid making principal payments for several years. To get those loans, borrowers must have a down payment of at least 30 percent.