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Subtle Ben (Bernanke) Inches Closer to Barney (Frank)

You have to read the text carefully to see it, but Federal Reserve Chairman Ben Bernanke appears to be inching closer toward blessing House Financial Services Chairman Barney Frank?s approach to aiding “under water” homeowners whose houses are worth less than their mortgages.
In a speech in New York Monday night at the Columbia Business School, Mr. Bernanke said, “When the source of the problem is a decline of the value of the home well below the mortgage?s principal balance, the best solution may be a write-down of principal or other permanent modification of the loan by the servicer, …
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