Janet Yellen's confirmation as Fed chair would bring stability to a "very volatile" mortgage market, a wholesale lender has claimed.
President Barack Obama last week nominated Janet Yellen succeed Ben Bernanke as chair of the Federal Reserve. Blue Loan Services, a California-based wholesale lender, has predicted Yellen's tenure as Fed chair would see a stabilization of the mortgage market.
"Yellen will likely bring more stability to a very volatile mortgage market. This will help more potential borrowers to find reasonable mortgage rates and start their journey towards home ownership," the company said.
Blue Loan Services said Yellen's ascension to Fed chair could "make for a more favorable environment" for borrowers.
"Known for her very accurate financial predictions, even warning of the 2008 financial crisis as early as 2005, Yellen is more than capable of leading the Federal Reserve through the less than perfect financial situations the United States has found itself in, and her foresight should help steer it clear of many of the dangers that lie ahead."