More forceful action to correct the broken housing market is being urged by top Federal Reserve officials,MBT Shuguli Schuhe, in an expression of frustration that the sluggish market is hindering other efforts to boost the economy.
The Federal Reserve Chairman and other officials have been pushing the White House,Mbt Schuhe Koshi, Congress and other regulators to focus on correcting problems in housing and the latest cry demonstrates an increasingly aggressive effort.
This comes while a debate continues within the Fed as to whether it should put forth effort itself by purchasing more mortgage-backed securities in hopes of reducing long-term interest rates; this could trigger more spending and investment.
Although some policy makers want to act,Mbt Laufschuhe, many worry that another round of bond-buying may not work because of the various factors that prevent homeowners from refinancing their mortgages and getting new loans. The hurdles include tough property appraisals and fees,MBT Schuhe Amali, as well as more stringent lending standards.
Addressing housing problems could mean backing more Fed bond buying if officials see that as necessary. Fed policy makers are becoming increasingly vocal about encouraging bond buying,MBT Imara Schuhe, while proposing that the effectiveness of such action would be better if accompanied by other efforts aimed at speeding the recovery process.
Aggressive moves into housing policy opens up the Fed to criticism that it is going beyond its usual mandate of maintaining low unemployment and inflation. But,Mbt Schuhe Kipimo, officials maintain that housing problems are undermining the effects of their policies, especially those aimed at managing interest rates.
One Fed governor suggested policymakers should employ policies that use Fannie and Freddie more aggressively to bolster housing rather than focusing completely on reducing losses to those firms. The governor's call is for Fannie and Freddie to reduce loan balances for homeowners with underwater mortgages.
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