Chicago's Moskow on bank structure and competition

In welcoming remarks for the 42nd annual conference on bank structure and competition given on 18 May Michael Moskow of the Federal Reserve Bank of Chicago said products such as adjustable rate and no-money-down mortgages have helped boost U.S. homeownership to record levels but have increased risks by raising some buyers' leverage.

"With less equity, people have less of a cushion to withstand adverse shocks to home prices or interest rates," Moskow said in remarks to the Chicago Fed's annual

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