Fed OKs lending reforms...Moving on mortgage assistance...Soggy SoCal

Washington (AP) The Federal Reserve has approved a plan designed to crack down on dubious lending practices for homebuyers.

Among the features a ban on lenders making loans without proof of a borrower's income.

WASHINGTON (AP) Another thumbs-up from Capitol Hill for a plan to help mortgage lenders Freddie Mac and Fannie Mae. House Financial Services Committee Chairman Barney Frank says the House will fold "the essence" of the Treasury Department's proposal into a housing package this week. The Massachusetts Democrat says the package should be on the president's desk by the end of next week.

LOS ANGELES (AP) Southern California, which is still recovering from weekend flooding and a mudslide that damaged more than 50 homes, could be in for more rain. The National Weather Service has issued flash flood watches for the mountains of Los Angeles, Santa Barbara and Ventura counties.

HAMILTON, Bermuda (AP) Tropical Storm Bertha is making its presence felt in the Atlantic. The National Hurricane Center says the storm is battering Bermuda with 55 mile-per-hour winds while kicking up choppy surf along the East Coast of the United States.

EAST PROVIDENCE, R.I. (AP) His name's been mentioned as one of Barack Obama's potential running-mates. But Senator Jack Reed says he's not interested. The Rhode Island Democrat is a military vet who will accompany Obama on a visit to Iraq and Afghanistan this summer.

(Copyright 2008 by The Associated Press. All Rights Reserved.) APNP 07-14-08 1153CDT | save this article / add to your favorites list