The Fed has compiled some tips to help protect consumers from becoming victims of foreclosure avoidance scams. It's important for consumers to know that housing counselors and other resources are available at no or low cost to assist homeowners who have fallen behind on their mortgage payments.

Federal Reserve Governor Randall S. Kroszner recently spoke about the importance of promptly addressing problems in the residential mortgage market to protect homeowners, communities, and general economic health.

Because the subprime mortgage market is relatively new, the fallout of interest rate adjustments is unclear. Subprime mortgage borrowers may be at risk if interest rates rise.