Paper of Record Says "It's About the Mortgages"
Today's New York Times editorial page argued that the federal government must do more to keep people in their homes. Since the financial crisis started, NDN has observed that homes are at the root of the financial crisis.
Treasury Secretary Henry Paulson does not seem like the sort of man who suffers fools gladly. Yet, he apparently is tolerant of, or powerless against, a White House that remains opposed to direct government action to prevent foreclosures — a program that is essential to keep millions of Americans in their homes and head off an even deeper financial catastrophe.
Nearly three weeks ago, Sheila Bair, the chairwoman of the Federal Deposit Insurance Corporation, told Congress that the agency was working closely with Mr. Paulson’s department to develop a robust anti-foreclosure plan. Since then, the Treasury Department has balked and equivocated while the White House has argued that it is already doing plenty to help homeowners.
After a year of doing far too little to stem a flood of foreclosures, the problem is getting worse. Defaults lead to foreclosures that push down all house prices. Those falling prices — combined with rising unemployment, falling incomes and another expected surge in monthly payments on adjustable rate loans — will surely lead to more defaults and deeper price declines, threatening bank solvency and prolonging the credit crunch.
...All roads, into and out of this crisis, run through the housing market. Mr. Paulson should be pressing for a streamlined plan that includes permanent modifications to troubled loans. That is the only way to keep Americans in their homes, save the banks and the economy.
For more on NDN's campaign to keep people in their homes, click here.
- Jake Berliner's blog
- Login to post comments
Comments
xyz 大補帖 日本a片 a片下載 批發 回頭車 搬家公司 網頁設計 av片 色情a片 日本a片 av女優 洪爺 Beijing travel Beijing tours Beijing travel service Tours to Beijing 陀螺仪 水平仪 加速度传感器 倾角传感器 美国留学 英国留学 澳大利亚留学 粉碎机
特价机票 期貨 注册BVI公司 香港公司注册 乌木