Word On The Street

A CDFI Solution For Tribal Housing Problems

Posted by Orb Staff on April 26, 2013

WORD ON THE STREET: Recently, our country has gone through an economic downturn that many have described as the worst recession since World War II. This economic reality is greatly magnified in Indian communities. The national unemployment rate peaked at [Read More]

HUD’s Commitment To Fair Housing

Written by Shaun Donovan on April 19, 2013

WORD ON THE STREET: Celebrating Fair Housing Month each April is always special – it gives us the chance to reaffirm the U.S. Department of Housing and Urban Development's (HUD) commitment to creating fair and decent housing in inclusive, sustainable [Read More]

The CFPB’s Pursuit Of Economic Justice

Written by Richard Cordray on April 12, 2013

WORD ON THE STREET: The economic marketplace can be quite hostile to those in poverty or those whom society marginalizes for any reason. In today's economy, almost two-thirds of our households of color are ‘liquid asset poor,’ meaning they have [Read More]

So, Why Has The Recovery Been So Tepid?

Written by Charles I. Plosser on April 05, 2013

WORD ON THE STREET: The decentralized structure of the Fed is one of its most important features. It has deep roots in our nation's federalist structure. Independent Federal Reserve Banks ensure that policy reflects the economic and geographic diversity of [Read More]

Perhaps We Should Consider Eliminating The GSEs?

Written by John L. Ligon on March 22, 2013

WORD ON THE STREET: Federal housing policies related to the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, have proved costly not only to the federal taxpayer, but also to the broader financial system. We should recognize their failure and [Read More]

Going Right In The Wrong Direction

Written by Rep. Jeb Hensarling on March 15, 2013

WORD ON THE STREET: We are clearly in the midst of the slowest and weakest recovery in the postwar era, notwithstanding what we have observed to be the largest fiscal and monetary stimulus in our nation's history. Although one quarter [Read More]

The Time Is Right For Tax Reform

Written by Sen. Max Baucus on March 08, 2013

WORD ON THE STREET: Winston Churchill once said, ‘However beautiful the strategy, you should occasionally look at the results.’ The need to overhaul the U.S. tax code seems obvious. Today, the code is certainly not beautiful. Instead, it reminds me [Read More]

How To Encourage Economic Growth

Written by Dennis Lockhart on March 01, 2013

WORD ON THE STREET: There is an ongoing debate about the extent to which the causes of weak labor markets are structural or cyclical. The cyclical view maintains that the problem is just a deficit of aggregate demand and, with [Read More]

Why The Justice Department Is Suing S&P

Written by Tony West on February 22, 2013

WORD ON THE STREET: Standard & Poor's Rating Services (S&P) is the largest credit rating agency in the world. As such, it plays a unique role on Wall Street. Many investors and financial analysts, as well as the general public [Read More]

The OCC’s Priorities

Written by Thomas J. Curry on February 15, 2013

WORD ON THE STREET: It has been a year and a half now since most of the people and most of the functions of the Office of Thrift Supervision were integrated into the Office of the Comptroller of the Currency [Read More]

The Economy: It’s Getting Better, But…

Written by Eric S. Rosengren on February 08, 2013

WORD ON THE STREET: The U.S. economy has grown at an average 2.2% annual rate since the recovery officially began in June 2009. Data suggest that growth was likely a bit below that rate for the most recent quarter, and [Read More]

Why The CFPB Issued Its New Lending Rules

Written by Richard Cordray on February 01, 2013

WORD ON THE STREET: Just a few years ago, our country went through the greatest financial crisis since the Great Depression. One of the reasons for the collapse was that mortgage borrowers were steered toward high-cost and risky loans they [Read More]

Taking A New Look At Financial Oversight

Written by Thomas Hoenig on January 25, 2013

WORD ON THE STREET: Many remain skeptical of claims that the financial system has been reformed and that taxpayer bailouts are relics of the past. Such skepticism is understandable. For nearly a century, the public has been told repeatedly that [Read More]

Why We Need To Reform The Credit Report Process

Written by Corey Stone on January 18, 2013

WORD ON THE STREET: Credit reporting plays a critical role in consumers' financial lives. Credit reports on consumers' financial history and behavior can determine their eligibility for credit cards, car loans, and home mortgage loans – and they often affect [Read More]

Ensuring A New Wave Of Homeowners

Written by Thomas J. Curry on January 11, 2013

WORD ON THE STREET: We can all agree that many factors contributed to the housing crisis. First, the loose underwriting standards employed by aggressive mortgage brokers and originators made it possible for too many people to buy overvalued houses on [Read More]

The Long Recovery From Hurricane Sandy

Written by Yolanda Chavez on January 04, 2013

WORD ON THE STREET: Hurricane Sandy and the nor'easter that followed have had immense and varied impacts in New York, New Jersey, Connecticut, West Virginia, Maryland and a number of other states. Within the U.S., the hurricane itself resulted in [Read More]

The National Mortgage Settlement: 2012’s Triumph

Written by Shaun Donovan on December 28, 2012

WORD ON THE STREET: As 2012 draws to a close, Americans are starting to feel a sense of hope about our economy for the first time in half a decade – and a big reason is a rebound in the [Read More]

Has The Federal Reserve Weakened The Economy?

Written by Charles I. Plosser on December 21, 2012

WORD ON THE STREET: The last five years have been an extraordinary time for the global economy and monetary policymakers. The financial crisis and the severe global recession that followed have tested our resolve, our patience and our economic theories. [Read More]

Yesterday, Today And Tomorrow In Housing

Written by Ben Bernanke on December 14, 2012

WORD ON THE STREET: The multiyear boom and bust in housing prices of the past decade, together with the sharp increase in mortgage delinquencies and defaults that followed, were among the principal causes of the financial crisis and the ensuing [Read More]

We Need To Know The Truth About Basel III

Written by Sen. Richard Shelby on December 07, 2012

WORD ON THE STREET: The primary goal of Basel III is to strengthen bank capital requirements. This is a worthy goal, as strong capital requirements are essential for a safe and sound banking system and to protect against taxpayer-funded bailouts. [Read More]