Bernanke: Mortgage Defaults Not Harmful
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Federal Reserve Chairman Ben BernankeCNBC
•Bernanke: Subprime Mortgage Woes Won't Seriously Hurt Economy
81% Informative
Federal Reserve Chairman Ben Bernanke says he doesn't believe the growing number of mortgage defaults will seriously harm the economy.
Bernanke promises to crack down on abuses that have put millions of homeowners in jeopardy of defaulting on their mortgages.
He also says banks share significant risks when financing private equity deals.
The Fed will hold hearings in coming weeks on the matter.
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