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Bernanke's Comments on Housing

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  • Description

    FBN's Peter Barnes on Fed chief Ben Bernanke's speech on the housing and mortgage markets.

  • Duration 1:50
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-- -- breaking news here Federal Reserve Chairman Ben Bernanke making comments specifically on the housing recovery.

Let's hear about those comments with Peter Barnes Peter.

-- -- the Fed Chairman has re committing the Fed to low interest rates for a long time.

In his speech and housing in Atlanta just getting under way he talks about keeping interest rates low to help the housing market and economy.

He says quote the Federal Reserve.

We'll continue to do what we can.

To support the housing recovery both through our monetary policy and our regulatory and supervisory actions he reviews the Fed's decision to launch QE3 at its meeting in September as well as to commit.

To keep interest rates low through mid 2015.

And he says the Fed hopes that its actions quote.

Provides individuals families and businesses and financial markets greater confidence about the Federal Reserve's commitment to promoting a sustainable recovery.

On the housing market itself he says quote.

We are seeing signs of improvement in the housing market in most parts of the country the housing sector is far from being out of the woods and he cites continuing tight credit standards as one problem.

-- all right so Peter we've had record low rates for years now and we are starting to see the housing market recovered did Bernanke link those two in other words take some credit for the accommodative policy.

Yeah he does highlight said that the Fed's efforts that to lower interest rates and keep them low but that he says that's just one piece of fixing the housing market -- lending standards he says are too far too -- they swung too far in the other direction after the financial crisis.

Andy and he says there other challenges.

And jobs just get plain old.

More jobs for people get in the overall economy going again will also help the -- the housing market of course thank you so much Peter for bring an action like that.

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