Former Federal Reserve governor speaks about importance of low mortgage rates

Frederic Miskin, former Federal Reserve Board governor and professor at Columbia University, discussed the importance of keeping mortgage rates low with Andy Serwer, managing editor of Fortune Magazine, and Rick Santeli and Steve Leisman of CNBC on Squawk Box. Miskin stressed the importance of keeping the Federal Reserve separate from government intervention, preventing inflation, and preventing demand for housing from falling even lower. And while he said it is important for the Federal Reserve to maintain independence, he thinks fiscal policy should be amended in order to keep mortgage rates low.