Either the mortgage market is terrible, or Ben Bernanke needs to cut down on his “hookers & blow” budget, or both. This week, Bloomberg reported that Ben Bernanke cant even refinance his own home. He admitted this fact at a recent speech where he was likely paid $250,000 to spread economic propaganda.
“I recently tried to refinance my mortgage and I was unsuccessful in doing so,” Bernanke said to a Chicago audience this week.
“I’m not making that up, I think it’s entirely possible lenders may have gone a little bit too far on mortgage credit conditions,” he added.
“The housing area is one area where regulation has not yet got it right, I think the tightness of mortgage credit, lending is still probably excessive,” Bernanke said.
If Ben’s performance as Chairman of the Federal Reserve is any indication of his personal finances, I wouldn’t dare lend him a stick of gum.
According to Bloomberg, Bernanke’s submission may have actually been denied due to the computerized system reading that he was currently unemployed.
However, this whole issue begs the question, why is Bernanke refinancing his mortgage to begin with? Why does Ben Bernanke even have a mortgage? And most importantly, why didn’t he just print a bunch of money and pay for his house in cash?