Fed's Bies on mortgage lending practices

In the speech 'A supervisor's perspective on mortgage markets and mortgage lending practices' given on 14 June Susan Schmidt Bies of the Federal Reserve said a cooler US housing market could help achieve the goal of sustainable economic growth.

"Given the slowing conditions in the housing market, spending for the construction of new housing is unlikely to be an important direct source of overall GDP (gross domestic product) growth this year, after having contributed close to one-half percentage

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