WASHINGTON (Thomson Financial) - The U.S. housing and financial markets will turn the corner away from their current hardships, but it's important that regulators and others don't overreact, Cleveland Federal Reserve Bank President Sandra Pianalto said today.
"As long as we regulate wisely and do not suffocate our credit markets, the very real hardships of adjustment will fade, and we will all benefit from the new practices that emerge," she told a housing group in Cleveland.
Pianalto made no reference to current monetary policy or the state of the US economy in her prepared remarks which were released to reporters.
"We must be careful not to create an environment where lenders are reluctant to serve their subprime customers. We want to encourage responsible lenders to stay in the market and work in partnership" with neighborhood groups, she said.
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