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Not too long ago, Federal Reserve Chair Ben Bernanke went on 60 Minutes to talk about the economy. During the interview, Bernanke talked about his hopes that the foreclosure crisis might end soon. Real Estate Pro Articles reports on Bernanke’s remarks:

He asserted again that the major factor for a complete economic recovery is the stabilization of the financial sector. Obama’s foreclosure program is one of the major strategies to stabilize it as mitigation of foreclosed homes reduces the losses by mortgage banks.

The chairman also defended the decisions and programs of the Obama government, such as the program to avert the rising number of foreclosed homes. Obama’s Home Affordable initiatives offer loan refinancing for Fannie Mae and Freddie Mac mortgages and loan modification for borrowers whose homes have significantly deteriorated in value and are at high risk of becoming foreclosed homes.

One of the nice things about Obama’s plans — as opposed to the previous administration’s — is that those who acted responsibly will also get help with refinancing. Additionally, Obama wants to provide help for people before they start missing payments, rather than requiring that they be 90 days behind in order to get help. Depending on the logistics of how the plans are carried, there is a very real chance that Bernanke is right and ending the foreclosure crisis could help the economy recover faster.