October 24, 2011 / 1:57 PM / 8 years ago

Fed's Dudley: potential for more action on mortgages

NEW YORK (Reuters) - New York Federal Reserve President William Dudley said on Monday the central bank could potentially do more to support the housing market by putting downward pressure on mortgage rates.

“Depending on how the world evolves, we potentially could move to do more in that direction,” Dudley said at Fordham University’s Gabelli School of Business.

“The fact that we decided to reinvest maturing funds back into the agency mortgage-backed securities market I think is a signal that we have some concerns about the level of mortgage spreads, and certainly that we do care about housing affordability as a way of supporting economic activity.”

Reporting by Jonathan Spicer, Editing by Chizu Nomiyama

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