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Fed's Kroszner: Parts of Mortgage Market Stalled
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In remarks prepared for delivery to a finance conference hosted by Boston College, Kroszner said additional capital raisings by financial institutions would support the extension of credit to households and businesses, which would boost economic activity.
"Strains continue to result in restrictive conditions for home-mortgage borrowers. Securitizations of non-agency mortgage products remain stalled and new originations are being held in lenders' portfolios, pressuring their balance sheets and, for example, leaving the spread between interest rates offered on jumbo and conforming mortgages very high," Kroszner said.
"The difficult conditions in the mortgages securitization markets, of course, put strains on the housing market itself," he added.
A text of Kroszner's remarks was issued in Washington. He made no comments on the broader economic outlook nor on Fed interest rate policy.
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