Federal Reserve Chairman Ben Bernanke believes that home buyers need more counseling on the mortgage process including home purchase and refinancing information. Speaking at a Fed conference in Chatham, Mass., he said having consumers educated about the mortgage process would not be a "major bullet" to preventing another crisis but said counseling is a "large issue" for mortgages and other products. He said "too many households" do not have a basic understanding of financial services. The Fed chairman also once again called for higher capital requirements for financial firms that are "systemically critical firms." However, he did not single out any particular institutions.
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