Bernake Says More Should Be Done To Help Prevent Mortgage Foreclosures
SOURCE: NPR
While speaking to a banking group in Orlando Florida, Ben Bernake the chairman of the Federal Reserve said that more powers should be given to the Federal Housing Administration (FHA) and the Department of Housing and Development (HUD).
Bernake feels that by doing this, more strength would be given to the national housing market. This is important as rising foreclosures threaten the wider economy. Some economists fear that the country is on the verge of recession which makes these possible changes even more valuable.
"This situation calls for a vigorous response," Bernake said to the banking group. "Although lenders and servicers have scaled up their efforts and adopted a wider variety of loss-mitigation techniques, more can, and should be, done," he said. Reducing these preventable mortgage foreclosures may be possible by offering refinancing products to more borrowers.
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While speaking to a banking group in Orlando Florida, Ben Bernake the chairman of the Federal Reserve said that more powers should be given to the Federal Housing Administration (FHA) and the Department of Housing and Development (HUD).
Bernake feels that by doing this, more strength would be given to the national housing market. This is important as rising foreclosures threaten the wider economy. Some economists fear that the country is on the verge of recession which makes these possible changes even more valuable.
"This situation calls for a vigorous response," Bernake said to the banking group. "Although lenders and servicers have scaled up their efforts and adopted a wider variety of loss-mitigation techniques, more can, and should be, done," he said. Reducing these preventable mortgage foreclosures may be possible by offering refinancing products to more borrowers.
Read full report »
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