Interthinx is Your Blueprint for Quality._id1342
in News > Residential Mortgage
print the content item


Ben Bernanke has weighed in on the growing debate over the federal debt ceiling, arguing that the nation could do without it.

TheHill.com reports that the Federal Reserve chairman was asked for his views on the debt ceiling during an appearance yesterday at the University of Michigan. "It would be a good thing if we didn't have it," Bernanke said, adding that the current $16.4 trillion debt limit makes no sense in view of current federal spending. "This is sort of like a family saying, 'Well, we're spending too much, let's stop paying our credit card bill.'"

When asked if the debt ceiling had any value, Bernanke responded, "No, it doesn't really have - it's got symbolic value, I guess."

Bernanke also rejected a controversial proposal that would enable the U.S. Department of the Treasury to mint a $1 trillion coin and deposit it with the Federal Reserve, thus allowing the continued funding of the federal government.

"I'm not going to give that any oxygen," Bernanke said. "There are legal issues, there are policy issues - I don't think going in that direction would be very helpful."




Latest Top Stories

CFPB Selects Vendors And Lenders For Its Mortgage E-Closing Pilot

Five technology firms and seven lenders will participate in the CFPB's e-closing pilot, which will explore the viability of developing a standard process for closing mortgages using technology.


BofA To Pay Nearly $17 Billion To Resolve Mortgage Bond Probe

The agreement with the U.S. Department of Justice eclipses the $13 billion settlement JPMorgan Chase reached with federal and state authorities over similar allegations last November.


FHFA Seeks Feedback On Proposed Single Security For GSEs

The agency is requesting feedback from mortgage industry professionals on all aspects of the proposed single security structure and in particular, issues regarding the transition from the current system to a single security.


Ellie Mae To Buy AllRegs For $30 Million

"With the acquisition of AllRegs, Ellie Mae will expand its customer base and add a broad array of content and services that complement our portfolio of product offerings," says Sig Anderman, CEO of Ellie Mae.


Survey Shows ATR/QM Rules Are Negatively Affecting Approvals

In a survey of loan officers commissioned by the Federal Reserve Board, more than half said the CFPB's ability-to-repay/qualified mortgage rule has reduced approval rates for certain types of mortgages.

LenderLive_id1241
Hse SandyHook
Industry Resource
Orb Mobile
NAMFS_id1321
Safeguard_id1322
SWBC_id1313
FedHomeLoan_id1341