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Oil Report

Bernanke: rising home foreclosures very important issue

WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke on Thursday called a rise in home foreclosures in the midst of the subprime mortgage debacle a very important issue.

“I think it is a very serious problem. I think it hurts people, I think it hurts communities,” Bernanke told the congressional Joint Economic Committee in answering questions after testifying before the panel.

The Fed chief highlighted the central bank’s efforts to better coordinate with states in regulating mortgage lenders, particularly those that don’t fall under the supervision of federal banking regulators.

Reporting By Joanne Morrison; Editing by Chizu Nomiyama,

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