Tuesday, March 4, 2008
Forgive us lord, for we have sinned
Federal Reserve Chairman Ben S. Bernanke, battling the worst housing recession in a quarter century, urged lenders to forgive portions of mortgages held by homeowners at risk of defaulting. ``Efforts by both government and private-sector entities to reduce unnecessary foreclosures are helping, but more can, and should, be done,'' Bernanke said in a speech to bankers in Orlando, Florida, today. ``Reductions of principal that restore some equity for the homeowner may be a relatively more effective means of avoiding delinquency and foreclosure.''