Federal Open Market Committee

NEW YORK--(BUSINESS WIRE)-- The Federal Open Market Committee's (FOMC's) expectation of low interest rates through 2014, while benefiting the U.S. Prime mortgage sector, will provide little direct help to Subprime mortgage borrowers, according to Fitch Ratings. Consequently, Subprime borrowers are expected to continue to rely solely on loan modifications for any payment relief. Driven by the Fed's and the Treasury's purchase of MBS and Treasury notes, mortgage rates dropped significantly after the onset of the financial crisis and have remained at historically low levels. Low interest rates have ...