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Bernanke warns of more pain from sub-prime cr -

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VIRGINIA TRIOLI: The head of the United States Federal Reserve has warned there's more trouble to
come from the subprime mortgage market.

Ben Bernanke said defaults on high-risk housing loans have put pressure on financial markets and
said many borrowers are still in distress.

He said the Federal Reserve would take steps to crack down on bad lending practices.

BEN BERNANKE, CHAIRMAN, US FEDERAL RESERVE: We are plan to use our rule-making authority to oppose
additional consumer protections later this year.

GEORGE BUSH, US PRESIDENT: There is no question that these are unsettling times in the housing
market and credits associated with the housing market.

VIRGINIA TRIOLI: While President Bush conceded there was trouble, he said overall the US economy is
in good shape.

The Federal Reserve slapped interest rates two days ago in a bid to stave off a wide economic
turndown.