At the same time, the U.S. debt ceiling had been raised by an agreement with the Obama administration and the U.S. Congress and Fed Chairman Ben Bernanke promised to keep U.S. Treasuries at their same low interest rate - nearly 0% return - for the next two years.
Firpta had led a number of investors to change their strategies to investing in real-estate debt in the U.S. rather than equity, said Ben Sanderson of Hermes Real Estate Investment Management Ltd.