Despite there being a potential “lull” in product innovation as financial firms prepare for a more stringent regulatory landscape, the ongoing financial crisis underscores the need for a stronger and safer consumer credit system, a top Federal Reserve official said today. “I have every confidence that competition will ultimately restore innovation, but with products that are safer, simpler, and more transparent to consumers,” Fed Board Governor Elizabeth Duke said, outlining five principles that she believes can guide industry and policymakers toward “balancing access to credit and sound risk management.”
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The lowest mortgage rates have ever been was around Thanksgiving 2012 when the interest rate for a 30-year fixed-rate mortgage fell to 3.31% (according to Freddie Mac data), but rising panic over the coronavirus could drive rates to lows never seen before. HW+ Premium Content
In this week’s column, HousingWire Columnist Logan Mohtashami responds to presidential candidate Mike Bloomberg’s comments on the financial crisis, providing his own view on how the market crashed and how to keep it from ever happening again.