Politics Breaking News: Bernanke Sees Need for Backstop for U.S. Mortgage Market

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Politics Breaking News: Bernanke Sees Need for Backstop for U.S. Mortgage Market

by Wochit 1:03 mins

Politics Breaking News: Bernanke Sees Need for Backstop for U.S. Mortgage Market

by Wochit 1:03 mins

Federal Reserve Chairman Ben Bernanke weighed into the contentious debate over the future of the U.S. housing finance system, saying some sort of backstop for mortgages was needed to protect the financial system in times of stress. However, he stopped short of explicitly endorsing a government role, which many Democrats see as the best approach. The Senate has voted to move toward confirmation of Gina McCarthy as administrator of the U.S. Environmental Protection Agency, ending a months-long standoff on the issue. Russia's leading opposition figure Alexei Navalny was jailed for five years after being found guilty of embezzlement following a trial he claimed was politically motivated.The 37-year-old lawyer turned anti-corruption blogger was found guilty of stealing about $480,000 from state-owned timber company Kirovles.

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