Joining in on the earlier Federal Reserve member’s speech, Federal Reserve Chairman Ben Bernanke spoke today at the Charlotte Chamber of Commerce about the credit market and monetary policy.
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In accordance to the Congressional mandate to make the Federal Reserve more transparent in sharing information with the public the Fed announced several changes that were made on November 14th.
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The Vice Chairman started the meeting explaining why the economy is doing what it is doing today and how it has done so in the past.
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James Lockhart, the Office of Federal Housing Enterprise Oversite director said in a statement today that “While the house price survey data used in determining the conforming limit shows a decline over the past year.. the level will remain at $417,000 for the third straight year.”
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According to the Standard & Poor Case-Shriller National Price Index home prices dropped 4.5 percent in the third quarter of this year when compared to the third quarter of last year.
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Fieldstone Mortgage Company, a subprime home mortgage provider, which was acquired in July by mortgage insurers MGIC Investment Corp filed for bankruptcy protection.
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Former HUD official Howard Glaser gave his take today on all of the news when it comes to Fannie Mae and Freddie Mac.
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Jean-Michel Six, Standard & Poor’s chief European economist, stated today at a London banking conference that he expects the Fed funds rate to reach about 3.5 percent by late summer in 2008.
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The Organization for Economic Co-operation and Development said today that the overall losses from the mortgage crisis could rack up a bill of over 300 billion dollars.
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Today the Federal Reserve put its largest infusion into the US banking system since after the September 11th, 2001 attacks.
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