Berbabke: Mortgage woes 'exceed forecasts'

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Ben Bernanke has been applauded for cutting rates
Losses from sub-prime mortgages have far exceeded "even the most pessimistic estimates", US Federal Reserve chairman Ben Bernanke has said.
His comments to a US finance committee come two days after the Fed cut base interest rates to 4.75% from 5.25%.

The rate cut was made "to help forestall some of the adverse effects on the broader economy", he said.

That, along with pumping cash into the financial system, aimed to counter "significant market stress" he said.

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