Tuesday, May 6, 2008

Bernanke Speech: More Federal Government Help, Including FHA Reforms, Needed to Deal with Foreclosures.

As reported HERE by Bloomberg News, Federal Reserve Chair Ben Bernanke yesterday said that the federal government needs to do more to deal with mortgage foreclosures.

His observation that 'The Congress can take an important step by moving quickly to reconcile and enact legislation permitting the Federal Housing Administration (FHA) to increase its scale and improve its management of risks." is being reported as being in support of the Barney Frank House bill, H.R. 5830, now scheduled for House consideration Wednesday and Thursday. (The link to H.R.5830 is to the bill version as amended in the House Financial Services markup)

The text of his speech can be found HERE, at the Federal Reserve website.

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