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WEDNESDAY, NOVEMBER 25, 2009
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Bernanke Plugs More Help for US Homeowners

Fed chief outlines ideas for public, private sector to slow foreclosures

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(Newser) – Ben Bernanke says more must be done to halt record US home-foreclosure rates, the New York Times reports. The Federal Reserve chief suggested several options today, including the government buying bad mortgages en masse and refinancing them through a government-insured program, and strengthening a scheme aimed at lowering homeowners’ monthly payments.

“Steps that stabilize the housing market will help stabilize the economy as well,” Bernanke said. One idea would see the government share losses with lenders if borrowers default again, while another underused refinancing program could get a boost by lowering mortgage rates. Thanks to the burst housing bubble, Bernanke added that foreclosures are expected to reach 2.5 million this year, from about 1 million normally.

Estela Jimenz, right, and other supporters of Acorn, the Association of Community Organizations for Reform Now, protest outside a home under foreclosure in South San Francisco, Nov. 25, 2008.
Estela Jimenz, right, and other supporters of Acorn, the Association of Community Organizations for Reform Now, protest outside a home under foreclosure in South San Francisco, Nov. 25, 2008.   (AP Photo)
Attendees listen to Federal Reserve Chairman Ben Bernanke during a speech on housing and housing finance, Thursday, Dec. 4,2008, at the Federal Reserve in Washington.
Attendees listen to Federal Reserve Chairman Ben Bernanke during a speech on housing and housing finance, Thursday, Dec. 4,2008, at the Federal Reserve in Washington.   (AP Photo/Jose Luis Magana)
Treasury Secretary Henry Paulson, left, and Federal Reserve Chairman Ben Bernanke testify on Capitol Hill, Nov. 18, 2008.
Treasury Secretary Henry Paulson, left, and Federal Reserve Chairman Ben Bernanke testify on Capitol Hill, Nov. 18, 2008.   (AP Photo)
"Despite good-faith efforts by both the private and public sectors, the foreclosure rate remains too high," Bernanke said today.   (AP Photo)
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Reducing the number of preventable foreclosures would not only help families stay in their homes, it would confer much wider benefits. - Federal Reserve Board Chairman Ben Bernanke

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