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Bernanke says time for long-term mortgage answers

WASHINGTON
Thu Feb 28, 2008 11:11am EST

WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke said on Thursday that it was time to move beyond temporary fixes to the subprime mortgage mess and look for long-term solutions.

"It's important for us and for the servicers to move beyond temporary palliatives ... and try to find more permanent, sustainable solutions," Bernanke told the Senate Banking Committee.

"I would urge you to continue to work on FHA modernization and GSE reform, two areas that can help us meet these challenges," Bernanke said. "Additional steps may be necessary in the future ... but I don't have any additional recommendations right now."

(Reporting by Emily Kaiser; Editing by Theodore d'Afflisio)


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