Last Friday, Federal Reserve Chairman Ben Benanke stated, " the housing system being constructed following the collapse of the current system will need better safeguards to allow it to function during times of stress."
And," whatever shape the new system takes should ensure that the institutions that support the financing of home mortgages do not pose a systemic risk to our financial markets and the economy."
In my opinion it's going to take Washington some time to "construct a new system."
I believe that the entire property industry will be faced, in thenot so distance future, with many new stringent rules and regulations to protect the consumers!
Stay tuned.
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