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There was an interesting opinion piece in the New York Times on the foreclosure prevention bills floating around congress. The authors thinks the current bill that made it through the senate stinks. They also thinks that counting on banks to voluntarily help consumers out is a terrible idea. Here is a good quote:

The plan for an F.H.A.-backed rescue also would rely on lenders to voluntarily reduce the loan balances to a level where the F.H.A. could take over. Volunteerism is not working. What’s needed is a stick like the bankruptcy amendment. Lenders will be more likely to modify a loan if they know the alternative is having a judge do it.

Lawmakers know what to do. They just need the political courage to confront the mortgage industry.

Comments (0) Posted by G.R.A. Admin on Tuesday, April 15th, 2008


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