Declaring foreclosures to be "a national crisis," Cleveland Fed chief Sandra Pianalto suggests...

|By:, SA News Editor

Declaring foreclosures to be "a national crisis," Cleveland Fed chief Sandra Pianalto suggests the housing market's continued weakness is good reason for maintaining a dovish stance. The housing market's crash is believed to have wiped out $7T in household wealth, and has resulted in 12M households to currently be underwater on their mortgages. (Bernanke)