Not really that severe, but sort of.

Federal Reserve Chair Ben Bernanke asked Congress Thursday to limit its response to the mortgage crisis, saying that federal agencies are handling it.

“We are responding to the subprime problems on a number of fronts,” Bernanke said in testifying before the House Financial Services Committee. “We are committed to preventing problems from recurring, while still preserving responsible subprime lending.”

Bernanke said some legislative action may be OK but Congress should tread cautiously. He recommended only expanding Fannie Mae and Freddie Mac temporarily “if at all” and urged that federal regulator, the Office of Federal Housing Enterprise Oversight, make the changes. He suggested that any congressional action should focus only on the Federal Housing Administration.

Rep. Barney Frank (D-Mass.), chairman of the panel, didn’t think that was enough. He repeatedly argued that tighter regulation could have averted the mortgage crisis.

And, so what did Representative Frank propose?

Raising the FHA lending limits, allowing zero percent down loans, and helping subprime loan borrowers the chance to refinance into other loans (which many will then default on, again).

So, something worse.

Source: Fed Chair to Congress: Stay Out of the Mortgage Crisis – By Sean Higgins, Investor’s Business Daily, by way of

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Author Profile

John Ford
John Ford

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs

In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.


For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.


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John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.

John Ford
Ford Realty Inc
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