Key Fed official keeps up housing push

WASHINGTON (MarketWatch) — The Federal Reserve on Friday kept up its push for increased steps to lift the struggling housing market, as a key Fed president called for more mortgage refinancing as well as principal reductions for hard-hit borrowers.

New York Fed President William Dudley, who also is the vice chairman of the interest-rate setting Federal Open Market Committee, said he would like to see “refinancing made broadly available on streamlined terms and with moderate fees to all prime conforming borrowers who are current on their payments.”

He also called for “earned” principal reduction for borrowers who are underwater but kept on making their mortgage payments. Full Story

0 comments

Add your comment

Nickname:

E-mail:

Website:

Comment:

Other articlesgo to homepage

	Paul Krugman:”End This Depression Now”(0) Public spending is under assault from the United States to Europe in the name of fighting deficits. Nobel Prize-winning economist Paul Krugman argues in his new book, “End This Depression Now!”, that the hysteria over the deficit will constrain an economic recovery in a time of high unemployment and stagnating wages.

	G8 leaders look to head off euro zone crisis(0) (Reuters) – Leaders of major industrial economies meet this weekend to try to tackle a full-blown crisis in Europe where fears are growing that Greececould leave the euro zone bloc, threatening the future of the common currency. President Barack Obama, the G8 host, has urged European leaders repeatedly to do more to stimulate growth, fearing

	HP May Cut 25,000 Jobs(0) Hewlett-Packard Co. (HPQ) is considering cutting as many as 25,000 jobs, or 8 percent of its workforce, to reduce costs and help the company contend with ebbing demand for computers and services, people briefed on the plans said. The number to be cut includes 10,000 to 15,000 from Hewlett-Packard’s enterprise services group, which sells a

	U.S. Stocks Fall on Unexpected Drop in Leading Indicators(0) U.S. stocks fell, sending the Standard & Poor’s 500 Index to the lowest closing level since January, amid a decline in a gauge of leading indicators and as Moody’s Investors Service is said to downgrade Spanish banks. Financial shares had the biggest drop in the S&P 500 among 10 industries as JPMorgan Chase & Co.

	Spain returns to recession amid bank crisis(0) (Reuters) – Spain’s borrowing costs shot up at a bond auction on Thursday, after economic data confirmed the country is back in recession and reports of an outflow of deposits from nationalized Bankia hammered its share price. The Spanish Treasury had to pay around 5 percent to attract buyers of three- and four-year bonds. The