Fed Chairman Ben Shalom Bernanke is still looking to avoid the harsh, harsh spotlight of the American public while trying to end the worst housing slump in 25 years by urging the government and mortgage lenders to forgive portions of mortgages for some struggling homeowners.

He noted that around 1.5 million US homes entered the foreclosure process last year, up 53 percent from 2006, saying that this year the new foreclosure rates looks likely to be even higher.

“The costs of foreclosure may extend well beyond those borne directly by the borrower and the lender. Therefore, doing what we can to avoid preventable foreclosures is not just in the interest of lenders and borrowers. It’s in everybody’s interest.”

Meanwhile the Fed is hoping that a powerful series of rate cuts, a $168 billion dollar stimulus package, and the Congress legislature that will allow the FHA (Federal Housing Administration) to refinance troubled mortgages will help with the current problems.

In other news, former Fed Chairman Alan Greenspan is going speed dating (no joke).
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