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Bernanke Predicts Further Mortgage Turmoil
By Robert Schroeder
RISMEDIA, Sept. 21, 2007-(MarketWatch)-More delinquencies and foreclosures can be expected in the subprime, adjustable-rate mortgage market as borrowers face interest-rate resets, Federal Reserve Chairman Ben Bernanke said Thursday.
In prepared testimony to the House Financial Services Committee, Bernanke also said that the market for those mortgages has “adjusted sharply,” and that markets “do tend to self-correct.” He outlined steps the Fed is taking to help reduce the risk of foreclosure and stressed the need to beef up underwriting practices. The Fed chief said he’s opposed to raising the conforming loan limit for Fannie Mae and said that the central bank stands ready to foster price stability and sustainable economic growth.
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