Jerome Powell Quotes

Congress created Fannie Mae in 1938 and Freddie Mac in 1970. For many years, these institutions prudently pursued their core mission of enhancing the availability of credit for housing.

The universe of mortgage lending has gotten to the point where there is a place in it for everybody.

Well-functioning financial systems are important in achieving sustained economic growth. They play a crucial role in channeling household savings into the corporate sector and allocating investment funds among firms.

We think if the economy remains weak that we could see mortgage rates trail down and we think that we could see rates below seven percent into early next year.

Yes, Americans can still get credit for cars and trucks and refrigerators, and those businesses are doing well. But just try to get a home loan now.

It is critical that the American people, and not just their financial institutions, be represented at the negotiating table.

Securitization was one of the most brilliant financial innovations of the 20th century. It freed up a lot of capital. If it had been done responsibly, it would have been a wondrous thing because nothing is more stable, there’s nothing safer, than the American mortgage market.... It worked for years. But then people realized they could scam it.

Mexico has very solid financial institutions, with good levels of capitalism, but they’re not lending much.

We have solid financial institutions, but they lent very little. So with the financial reform, we wanted to push them to lend more and to encourage the development bank to create instruments for lending mainly for micro and medium-sized companies.

It is wrong when we, in effect, throw safe and sound financial institutions into the same category with banks and lenders that climbed too far out on a limb with no way to return.

A stable and affordable home is fundamental to economic security.

The financial sector is vital to the economy. A well-functioning financial sector promotes job creation, innovation, and inclusive economic growth.

When the financial system works as it should, money and capital flow to and from households and businesses to pay for home loans, school loans, and investments to create jobs.

We need sobriety, rationality, and civility in the discussions on the regulation of financial institutions so that the banks can return in a robust manner to their central role in funding the economy.

Expanded credit access has helped households maintain living standards when suffering job loss, illness, or other unexpected contingencies.

I come from a state with many sound, responsible banks.

Every loan that we did in the City of Detroit in the 10 years they studied - between 2005 and 2014 - were conventional FHA, VA loans with average interest rates of 6%.

We need to change how we run banks. We need to change the culture. If we get it right, we can have a huge impact.

The number one priority is going to be make sure that banks lend.

We survived for hundreds of years under the old banking structure. You'd have clearing banks, then merchant banks doing the racy stuff, and then building societies where you'd join a waiting list for a mortgage. But then banks started buying stockbrokers, doing mortgages, and you ended up with these big banking groups doing everything.

My colleagues on the Board of Governors and I understand the value of having a diverse financial system that includes a large and vibrant contingent of community banks.

What you want to watch are the lenders, not the borrowers. The borrowers will always be willing to take a great deal for themselves. It's up to the lenders to show restraint, and when they lose it, watch out.

Higher capital requirements increase bank costs, and at least some of those costs will be passed along to bank customers and shareholders. But in the longer term, stronger prudential requirements for large banking firms will produce more sustainable credit availability and economic growth.

We need a resilient, well-capitalized, well-regulated financial system that is strong enough to withstand even severe shocks and support economic growth by lending through the economic cycle.

Maybe for John McCain the American dream means seven houses-and if that's your America, John McCain is your candidate. But for the rest of us, the American dream means one home - in a safe neighborhood, with good schools and good health care and a little money left over every month to go out for dinner and save for the future. Does that seem like too much to ask? John McCain thinks it is.