“Conditions in mortgage markets remain quite difficult”
A rising tide of late mortgage payments and home foreclosures poses considerable dangers to the national economy, Federal Reserve Chairman Ben Bernanke warned anew Monday as he urged Congress to take additional steps to alleviate the problems.
‘High rates of delinquency and foreclosure can have substantial spillover effects on the housing market, the financial markets and the broader economy,’ Bernanke said in a dinner speech to Columbia Business School in New York. ‘Therefore, doing what we can to avoid preventable foreclosures is not just in the interest of lenders and borrowers. It’s in everybody’s interest,’ he said. Read more
More: continued here
If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
