Politics

Ex-Fed chief Bernanke denied loan to refinance his home

Ben Bernanke served two terms as chairman of the Federal Reserve, the central bank of the United States, from 2006 to 2014.  (REUTERS)

Ben Bernanke served two terms as chairman of the Federal Reserve, the central bank of the United States, from 2006 to 2014. (REUTERS)

Former Federal Reserve Chairman Ben Bernanke revealed last week that he was turned down when he tried to refinance his home loan.

According to Bloomberg News, Bernanke, in speaking at a conference in Chicago Thursday, told the crowd, “I recently tried to refinance my mortgage and I was unsuccessful in doing so.”

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The audience reportedly laughed, and Bernanke responded: “I’m not making that up.”

“I think it’s entirely possible” that lenders “may have gone a little bit too far on mortgage credit conditions,” he said.

Bernanke also told the conference of the National Investment Center for Seniors Housing and Care that the first-time homebuyer market is “not what it should be.”

Bernanke was paid $199,750 annually as head of the central bank and reportedly earned $250,000 in March for his first public speaking engagement since stepping down in January.

He also reportedly received $1 million in a deal to write his memoirs.