WASHINGTON — As the House prepared to take aggressive steps to stem the wave of home foreclosures, Federal Reserve Chairman Ben S. Bernanke on Monday night endorsed the need for government intervention, saying that letting markets take their own course could “destabilize communities, reduce the property values of nearby homes and lower municipal tax revenues.” In a speech in New York, the central bank chairman reiterated his controversial call for lenders and mortgage service companies to consider cutting the principal of some customers’ loans to prevent foreclosure. For the full story visit http://www.latimes.com/business/la-fi-fed6-2008may06,0,5830243.story
