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Fed Chairman Bernanke urges help for home foreclosures in United States

(EMAILWIRE.COM, May 13, 2008 ) Sacramento, CA -- The Chairman of the US Federal Reserve, Ben Bernanke, prodded mortgage lenders and government agencies to redouble their work on helping Americans avoid losing their homes to foreclosure.

In New York on Monday, May 5, 2008 the Fed boss called once again for mortgage lenders and banks to allow some homeowners’ loans to be forgiven with the proviso that actions taken do not contribute to the so-called ‘moral hazard’ of people simply walking away from loans that they don’t like.

Bernanke said to a gathering at the Columbia Business School, “traditional foreclosure avoidance strategies may not always work well in the current environment.” This approach, and some of the other ideas that the Fed chief proposed seem to be different than those espoused by the Bush administration. Democrats in Congress have even found support from Bernanke’s ideas for their own proposals that would allow the Federal Housing Administration to help refinance certain mortgages.

Sacramento based real estate and foreclosure expert Patrick McGilvray, J.D., president of commented, “Bernanke is showing some independent judgment and seems to want to work with the Bush administration as well as Democrats in Congress to come up with a real solution to the subprime mortgage crisis and the nation’s housing problems. We’re still hearing from thousands of homeowners every month who would like to sell their homes. On the other hand, people who want to buy a foreclosure to live in or as an investment are going to continue to have more properties to choose from in the coming months no matter what anyone in the political arena does.”

Statistics appear to back McGilvray’s predictions up and indicated that foreclosure activity rose more than 57 percent in March of 2008 when compared to 2007’s numbers.

In addition to urging that private mortgage lenders act quickly to help homeowners, Bernanke urged that Congress allow Fannie Mae and Freddie Mac to increase their allowable loan limits to let them purchase mortgages from private lenders to help increase liquidity in the capital markets related to mortgage lending.


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