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Speech by Federal Reserve Governor Duke on rebalancing the housing market

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Governor Elizabeth A. Duke At the Federal Reserve Board Policy Forum: The Housing Market Going Forward: Lessons Learned from the Recent Crisis, Washington, D.C. September 1, 2011

  • “To many, the story of the recent financial crisis and its aftereffects for the housing market is one mainly attributed to subprime lending. Although problems were concentrated initially in subprime mortgages, today about two-thirds of underwater mortgages and loans in foreclosure are actually prime or Federal Housing Administration (FHA) mortgages. This fact suggests that solutions aimed at righting the wrongs of previous reckless lending in the subprime market are not sufficient to tackle the scale of current problems.”
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