Ben Bernanke gave a speech this morning at the Independent Community Bankers of America Annual Convention in Orlando, Florida on “Reducing Preventable Mortgage Foreclosures”.  Several of his comments during the speech were simply dodging the truth and depth of our problem. The Feds January rates cuts didn’t help so what does Bernanke say about that.

“Even with some relief efforts under way by industry and government, foreclosures and late payments on home mortgages are likely to rise “for a while longer,” Bernanke warned”.

For a while longer indeed. How long? 2 months, 4 months?  Would it not benefit all concerned to have truthful, accurate information? The ARM’s (adjustable rate mortgages) that Bernanke is referring to are scheduled to peak in March and continue well into the spring/early summer of 09.

In my opinion the US media is doing a terrible job reporting the bigger picture. When you consider that 232 major lending operation have imploded due to the bursting of the US housing bubble. Want to have this mess put in layman terms. Watch the video below Sub-Prime Mortgage Blues, it’s brilliant.