‘Shoddy’ mortage servicing practices prolonging housing market trouble

This past Friday Federal Reserve Board Governor Sarah Bloom Raskin spoke at the 2011 Midwinter Housing Finance Conference about the powerful impact the housing and mortgage markets have had on the nation’s economy recovery.

Governor Raskin began by point out that, “speaking strictly in an economic sense, the recession that emerged in 2008 is over.”  She then followed by saying “I know that the millions of Americans still looking for work, living in cars or motels, or trying to keep their businesses out of bankruptcy would beg to disagree.”  Gov Raskin went on to state that our economy is in fact growing, but the pace of recovery is “agonizingly slow” and not keeping pace with recovery in prior recessions. Continue reading “‘Shoddy’ mortage servicing practices prolonging housing market trouble