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Tag Archives: New York Fed

New York Fed President Praises Progress of Housing Fundamentals

“Housing prices are rising and the constraint on growth in residential investment now appears to be more on the supply side, as building contractors struggle to mobilize the resources needed to construct more homes,” Dudley said. "The National Association of Home Builders’ index rose in October to the highest level since late 2005. While the housing indicators will likely continue to be volatile on a month-to-month basis, I expect the gradual improvement in the housing sector to continue.”

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Fed’s Second District Reports Lower Consumer Distress Rates than National Average

In New Jersey, 16.2 percent of consumers have seriously delinquent debt (90 days or more overdue) or debt that was in third-party collections, compared with the national rate of 20 percent for the reporting period. New York and Connecticut also reported overall consumer distress rates (14.8 percent and 14.9 percent respectively) lower than the national rate.

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New York Fed Says Conservatorships Accomplished Three of Five Objectives

The conservatorships were required by law to put Fannie Mae and Freddie Mac in a “sound and solvent condition” but this focus at times conflicted with other public policy objectives, such as the aggressive enforcement of the GSEs of “representations and warranties” whereby the firms “put back” large volumes of defaulted mortgages to their originators, according to the authors.

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New York Fed President Says September Rate Hike is ‘Less Compelling’ Now

At a press conference following a speech on the regional economic outlook in Buffalo on Wednesday morning, New York Fed president and CEO William C. Dudley expressed the idea that a rate hike at September's Federal Open Market Committee meeting seemed "less compelling" than it was a few weeks ago following the turbulent stock market activity earlier in the week.

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