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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: mishedlo who wrote (69237)9/20/2007 11:35:46 AM
From: Bucky Katt  Read Replies (1) of 116555
 
Federal Reserve Chairman Ben S. Bernanke told lawmakers that the central bank is ``actively working'' to avoid a repeat of the subprime-mortgage rout.

``We are looking closely at some mortgage lending practices,'' Bernanke said in remarks prepared for a House Financial Services Committee hearing today. ``We will use our rulemaking authority'' to ``propose additional consumer protections later this year,'' he said.

Bernanke is trying to pre-empt congressional criticism of the Fed for lax enforcement and foot-dragging on rules to protect consumers following a surge in foreclosures and delinquencies on subprime mortgages.

Barney Frank, the Massachusetts Democrat who chairs the House panel,
has warned the Fed to use or ``lose'' its regulatory powers.

The Fed chief said that the subprime turmoil has spread through financial markets, ``raising concern about the consequences for economic activity.'' He noted that the Federal Open Market Committee on Sept. 18 cut its benchmark interest rate by half a point to 4.75 percent.

Bernanke, 53, appears at the hearing with Treasury Secretary Henry Paulson and Alphonso Jackson, the secretary of housing and urban development, as lawmakers review efforts to keep people in their homes and curtail abusive lending practices.

bloomberg.com
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