Even the former Fed Chair can't refinance his mortgage

While President Barack Obama (D) was in the Chicago area on Thursday bragging to abstract academics  and Democrat 1% Chicago Way pay to play beneficiaries about the economic wonders and improvements of his administration, a few miles away former Federal Reserve chairman Ben S Bernanke had another take. 

While able to command at least $250,000 per speech--more than he made in a year working for the federal government,  he still can't refinance his mortgage

The former Federal Reserve chairman, speaking at a conference in Chicago yesterday, told moderator Mark Zandi of Moody’s Analytics Inc. -- “just between the two of us” -- that “I recently tried to refinance my mortgage and I was unsuccessful in doing so.”

When the audience laughed, Bernanke said, “I’m not making that up.”

“I think it’s entirely possible” that lenders “may have gone a little bit too far on mortgage credit conditions,” he said.


“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.”

Well, if anyone should know, Bernanke should.