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He Used to Be the Head of the Federal Reserve, but in This Economy, There's One Thing Even He Can't Do

Business

“Just between the two of us..."

Zach Noble
October 04, 2014
Federal Reserve Board Chairman Ben Bernanke responds to a question during a talk at the National Bureau of Economic Research Wednesday, July 10, 2013, in Cambridge, Mass. Bernanke spoke after the markets closed with stocks fluctuating between small gains and losses Wednesday morning, before the Federal Reserve released minutes from its most recent meeting. (AP Photo/Josh Reynolds)

Having trouble refinancing your home loan?

You're not alone.

As Bloomberg reported Friday, Ben Bernanke, the former Federal Reserve chairman, recently revealed that he can't refinance either.

Federal Reserve Board Chairman Ben Bernanke responds to a question during a talk at the National Bureau of Economic Research Wednesday, July 10, 2013, in Cambridge, Mass. Bernanke spoke after the markets closed with stocks fluctuating between small gains and losses Wednesday morning, before the Federal Reserve released minutes from its most recent meeting. (AP Photo/Josh Reynolds) Ben Bernanke, then-Chairman of the Federal Reserve Board, responds to a question during a talk at the National Bureau of Economic Research Wednesday, July 10, 2013, in Cambridge, Mass. (AP Photo/Josh Reynolds)

“Just between the two of us,” Bernanke told the moderator of a conference in Chicago Thursday, “I recently tried to refinance my mortgage and I was unsuccessful in doing so.”

The audience at the National Investment Center for Seniors Housing and Care may have laughed, but Bernanke insisted, “I’m not making that up.”

He went on to say that credit is still too tight, and it's hurting homeowners and first-time home buyers.

“The housing area is one area where regulation has not yet got it right,” Bernanke said. “I think the tightness of mortgage credit, lending is still probably excessive.”

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Follow Zach Noble (@thezachnoble) on Twitter

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