BUSINESS

Mortgage Rates, Defaults Rise: Bernake's Plan Stumbles

06/29/2009 05:12 am ET | Updated May 25, 2011

Federal Reserve Chairman Ben S. Bernanke's efforts to bring down borrowing costs to revive the housing market and help the economy are stalling. Mortgage rates are almost back to where they were in March before the 30-year rate fell to a record and sparked a refinancing boom. Mortgage delinquencies rose to a record 9.12 percent of U.S. home loans and house prices dropped the most on record in the first quarter, industry reports show.

Read more on bloomberg.com

Suggest a correction