On February 23, 2011, the Board issued a proposed rule to expand the minimum period for mandatory escrow accounts for first-lien, higher-priced mortgage loans from one to five years, and longer under certain circumstances; provide an exemption from the escrow requirement for certain creditors that operate in rural or underserved counties; and implement new disclosure requirements contained in the Act.
The drag on real GDP growth next year would be comparable to that in 2004. As higher energy prices are passed through to the prices of other goods and services, prices for core personal consumption expenditures (core PCE) are estimated by the model to have been boosted 1/4 percentage point last year and more than 1/2 percentage point in 2005.