High rate of mortgage defaults in USA

March 4, 2008 at 10:06 pm | Posted in economy, USA | 1 Comment
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Federal Reserve Chairman Ben Bernanke called on the government and industry to essentially stop the bleeding that has driven the country’s economic doldrums.

Bernanke in his speech called for more action to prevent housing foreclosures. “This situation calls for a vigorous response,” Bernanke said to a banking group. The Florida setting was appropriate, given the high rate of mortgage defaults in that state. The chairman said that, despite relief efforts currently being undertaken by the industry and government, foreclosures and late payments on home mortgages are likely to rise “for a while longer”.

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  1. I couldn’t agree with this more! I just wish everyone facing foreclosure went at the issue with all their options exhausted. Many give up well ahead of foreclosure never knowing that they may have been able to save themselves.


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