Old mortgage model is dead: Fed’s Duke


Elizabeth Duke, a governor of the Federal Reserve, on Thursday revealed her vision of the future of the US mortgage market.

In a speech whose rhetoric owed much to Charles Dickens's A Christmas Carol, Duke described a ghost of homeownership present in which lending standards were overly tight, owing to the excesses of the mortgage-market past.

Duke indicated she expected this trend to continue for some time. In describing the ghost of homeownership to come, Duke said: "Whether the ultimate vehic

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