Monetary Policy

Bernanke Calls for Clear Blueprint for Housing Finance System 

Speaking before a joint Congressional Economic Committee, Federal Reverse Chairman Ben Bernanke suggested that the first step to initiating confidence in the private market is for Congress to create a clear blueprint for the housing sector.   "The housing sector has been a significant driver of recovery from most recessions in the United States since World War II," Bernanke said.  "This time, however, a number of factors–including the overhang of  distressed and foreclosed properties, tight credit conditions for builders and potential homebuyers, and the large number of "underwater" mortgages (on which homeowners owe more than their homes are worth)–have