"The problem with the latest move from Fed Chairman Ben Bernanke is that the level of interest rates is not the problem in the housing market or the U.S. economy. Frank Sorrentino, Chairman and CEO of North Jersey Community Bank, puts it this way: "When your mortgage was 6-7% and you could refinance at 4.5% it put real money in your pocket, but people have already done that. That cycle has worked its way through." "

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