The Real Deal Miami

Bernanke pushes for more action against foreclosures

March 04, 2008 10:43AM

In a speech to the Independent Community Bankers of America in Orlando, Federal Reserve Chairman Ben Bernanke said that the rate of foreclosures is likely to continue increasing, despite steps taken by the industry and the government to reduce interest rates and modify loans for borrowers in default. Bernanke suggested other options, including reducing the principal due to lenders in some situations.