Before they became a magnet for losses and lawsuits, mortgages were moneyspinners for America’s banks. They are again. The Federal Reserve’s campaign to push down interest rates has fuelled a wave of home-buying and loan refinancing. And to the frustration of the Fed, those lower rates are not being fully passed on to customers by the banks.
Fed watches as banks gain mortgage profits
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Opinion: What is the public actually getting for $7.3B in housing subsidies?
The Federal Home Loan banks receive billions annually in subsidies, but are skirting their responsibility to support our nation’s housing troubles, argues Sharon Cornelissen, Director of Housing at the Consumer Federation of America.