The following is the text of a speech by Federal Reserve Chairman Ben Bernanke on Reducing Preventable Mortgage Foreclosures given on March 4, 2008 in Orlando, Florida:
Over the past year and a half, mortgage delinquencies have increased sharply, especially among riskier loans. This development has triggered a substantial and broad-based reassessment of risk in financial markets, and it has exacerbated the contraction in the housing sector. In my remarks today, I will discuss the causes of the distress in the mortgage sector and then turn to the key question of what can be done in this environment to reduce preventable foreclosures.
Click here for entire speech transcript, video and CNBC analysis.
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