Dear Mr. Bernanke: Fix the Housing Mess
When Federal Reserve Chairman Ben Bernanke heads to Capitol Hill on Sept. 20 to talk to members of the Financial Services Committee, he shouldn't be feeling too confident. True, the markets have rallied for two days following his surprising interest rate cut of a half-percentage point, which temporarily calmed fears of economic calamity. The purpose of these hearings, however, will be to address the steps that President George W. Bush proposed in late August to help homeowners avoid defaulting on mortgages.
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