From Deseret News archives:
Bernanke: more action needed to cut foreclosures
Although a flurry of actions have been taken to ease the housing crisis, foreclosures still remain "too high" with adverse consequences for struggling homeowners, squeezed lenders and the broader economy, Bernanke said.
"More needs to be done," he declared.
Lenders appear to be on track to initiate 2.25 million foreclosures this year, up from an average annual pace of less than 1 million during the pre-crisis period, he said.
To provide additional relief, Bernanke outlined a number of what he called "promising options" to reduce preventable foreclosures.
Under one plan, Bernanke called on Congress to ease the terms of a government program called "Hope for Homeowners," which lets distressed homeowners refinance into more affordable, federally insured mortgages if the lender writes down the amount owed on the mortgage and pays an upfront insurance premium.
Another option would ease the terms of a loan-modification plan put forward by the Federal Deposit Insurance Corp. that seeks to make monthly mortgage payments more affordable. The FDIC put this plan into effect at IndyMac Bank, a large savings and loan that failed earlier this year, and has used it to modify mortgages at other financial institutions.
Recent comments
The sooner they get out of the mix, the sooner this will correct...
They don't get it | Dec. 4, 2008 at 6:56 p.m.
This is a dumb plan destined for failure. If you haven't noticed the...
Don't hurry up | Dec. 4, 2008 at 6:55 p.m.
This is something that needs to be done "already." This is not going...
Hurry up already. | Dec. 4, 2008 at 12:24 p.m.
- Both candidates claim victory 1:44 p.m.
- BYU professor killed in crash 1:42 p.m.
- Vonn second to Goergl 1:28 p.m.
- Gas prices down 1.24 cents 1:17 p.m.
- Texas leads TCU in coaches' poll 1:09 p.m.
- USA Today Top 25 Poll 1:09 p.m.
- Another BCS mess 12:57 p.m.
- Several musicals break records 12:45 p.m.
- Iraq: deal reached on election 12:39 p.m.
- Merging therapy & financial planning 12:29 p.m.
- Y., U. to learn bowl destinations
- The forgotten ship: USS Utah
- Snowy roads cause accidents, delays
- Ed Smart 'appalled' at testimony
- Y. profs: Beck not all-knowing
- Utahns want health care reform bills
- BYU basketball: Cougars crush Dons
- Tiger's SUV, personal life are a wreck
- Kurt Bestor: Joy for the world
- George lost in rivalry hatefest
- Why is Y. ignoring spew of hatred?
312 - Letters: Liberal because LDS
253 - Y. profs: Beck not all-knowing
209 - Hate not limited to 1 in-state rivalry
189 - Aggies shoot past Cougars
179 - N.Y. Senate rejects gay marriage
129 - George lost in rivalry hatefest
112 - Unbeaten BYU takes trip to Logan
105 - Ed Smart 'appalled' at testimony
94 - Harpring's NBA career is over
94
Trolley Square's annual Holiday Open House will feature visits with...
First, a big thank you to all who posted questions here for me to ask...
I just sent Senators Hatch and Bennet a Christmas Card - do the same. They...
And I suppose that you felt exactly the same way when the Bush administration...
Hatch is cynical because Obamacare gives him so much room to be cruel....
You are exactly right, Alabama is completely inferior. I totally agree. Your...
Again, Mike, whose God? The Mormon one? If you're so insistent that we live...
Sorry to burst your bubble, the wife and I just cut up and mailed back our...
Even if the writer knew exactly what is in Obama's mind (and that's highly...
Good luck James. We hope for the best for you and your family! Be strong...
Illegal aliens who work in Utah are committing multiple felonies thus they...
That is true statement. I'd like to add: Utah and TCU are BYU's road...

