Bernanke urges action on mortgages

Ben Bernanke, the chairman of the Federal Reserve, has called for an acceleration of efforts to stem a rising tide of home foreclosures.

Speaking in Washington at a housing finance conference, Bernanke described the current rate of foreclosure as "too high". Lenders are expected to initiate some 2.25m foreclosures this year, compared to an average annual figure of less than 1m in the year preceding the financial crisis that started in August last year.

"Weakness in the housing market has prove