Bernanke: More action needed to cut foreclosures

WASHINGTON (AP) - Federal Reserve Chairman Ben Bernanke called on the government Thursday to ramp up efforts to stem soaring home foreclosures, which are feeding into the country's deep economic troubles. Although a flurry of actions have been taken to ease the housing crisis, foreclosures still remain "too high" with adverse consequences for struggling homeowners, squeezed lenders and the broader economy, Bernanke said. "More needs to be done," he declared. Lenders appear to be on track to initiate 2.25 million read more

NECN | December 4, 2008

Tags:. .flurry. .adverse. .broader. .lenders. .squeezed