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30 Yr FRM 3.87% 0.00%
15 Yr FRM 3.16% 0.00%
1 Yr ARM 2.84% 0.06%
5/1 Yr ARM 2.82% -0.01%
30 YR 3.14% 0.00%
Fed Prime 3.25% 0.00%
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Notice: 'Top News' and 'Fed and Economy Watch', have been combined into a new channel called 'MND Newswire'. Check back daily for the latest housing and economic news.

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Policy-Makers Ignored Systemic Risks, Says Fed's Stern

Policy-makers ignored warnings of systemic risks in the United States thereby aggravating the impact of the financial crisis on the real economy, Minneapolis Fed President Gary Stern said on Tuesday.

"Policy-makers did not prepare for the 'too-big-to-fail' flood," Stern told the Brookings Institute in Washington D.C.

Going forward, Stern acknowledged the need for regulatory reforms in the United States, but expressed concern that policy-makers could respond with "draconian" regulations, which could negatively impact economic growth over the coming years.

He made no comments on the economy or monetary policy in his speech.

Stern is a non-voter on the Federal Open Market Committee.

By Erik Kevin Franco and edited by Stephen Huebl
©CEP News Ltd. 2009

Filed under: ,
 

More From MND

Mortgage Rates:
  • 30 Yr FRM 3.90%
  • |
  • 15 Yr FRM 3.26%
  • |
  • Jumbo 30 Year Fixed 4.15%
MBS Prices:
  • 30YR FNMA 4.5 106-20 (-0-06)
  • |
  • 30YR FNMA 5.0 108-01 (-0-05)
  • |
  • 30YR FNMA 5.5 108-30 (-0-03)
Recent Housing Data:
  • Mortgage Apps -1.01%
  • |
  • Refinance Index 0.83%
  • |
  • NAHB Builder Confidence 16.00%

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More From MND

Mortgage Rates:
  • 30 Yr FRM 3.90%
  • |
  • 15 Yr FRM 3.26%
  • |
  • Jumbo 30 Year Fixed 4.15%
MBS Prices:
  • 30YR FNMA 4.5 106-20 (-0-06)
  • |
  • 30YR FNMA 5.0 108-01 (-0-05)
  • |
  • 30YR FNMA 5.5 108-30 (-0-03)
Recent Housing Data:
  • Mortgage Apps -1.01%
  • |
  • Refinance Index 0.83%
  • |
  • NAHB Builder Confidence 16.00%
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