The cities of Chongqing, Wuhan and Zhengzhou, for instance, have allowed first-home buyers to borrow more from government-sponsored savings funds.

WSJ: China Housing Prices Rise After 9 Months of Decline

However, this pattern appears also to have resulted from the fact that some large lenders in the federal-funds market, notably government-sponsored enterprises such as Fannie Mae and Freddie Mac, are ineligible to receive interest on balances held at the Fed, and thus they have an incentive to lend in that market at rates below what the Fed pays banks.

WSJ: Bernanke Op-ed in WSJ: The Fed��s Exit Strategy