Fed Warned on Foreclosures as Mortgage Growth Cools - 2007-03-08
Federal Reserve Chairman Ben S. Bernanke and other policy markers were warned that increasing mortgage foreclosures are likely to get worse, as the central bank disclosed the slowest pace of loan growth in four years.
The Federal Reserve Board's Consumer Advisory Council, including consumer advocates and banks, met today in Washington. Home-mortgage foreclosures were the first agenda item and the officials heard anecdotes of default and families at risk.
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Economy Gains in Most Parts of U.S. - 2007-03-08
Most parts of the country saw modest economic growth in the past month, although there were pockets of sluggishness as businesses continued to deal with the fallout from the troubled housing and automotive industries. Information in the new snapshot, released Wednesday by the Federal Reserve, was collected before last week's gut-wrenching nosedive in worldwide financial markets, in part reflecting investors' concerns about the health of the U.S. and Chinese economies.
Read the full story at Builder Magazine