04 Mar
Bernanke Tells Lenders to Write Down Loans
This morning Federal Reserve Chief speaking to a group of Bankers in Orlando Florida.
As reported by Yahoo.com Business News
“This situation calls for a vigorous response,” Bernanke said in a speech to a banking group meeting in Orlando, Fla.
Even with some relief efforts under way by industry and government, foreclosures and late payments on home mortgages are likely to rise “for a while longer,” Bernanke warned.
In his comments, Bernanke said that Banks should also look to reduce principal owned by borrowers rather than foreclose. I don’t think lenders were too agreeable on this.
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