Mortgage Banker Association president John Robbins, in front of Congress today said:
â??Working together, I suggest we must accomplish three things. We must stabilize the subprime mortgage credit system; provide assistance for homeowners facing foreclosure; and finally prevent this from ever occurring again.â?? (hat tip: Housing Wire)
Amen. While many would view this as hollow, too little, too late, etc. I think it’s an important first step to start talking about what can be done to save people’s homes and prevent a recurrence of this type of problem. It’s much healthier than the default stance that "current foreclosure rates are low by historical standards" stance that most in the industry seem to take.
Last 3 posts by Morgan
- Subprime Bananas - June 28th, 2009
- Roubini: No confidence in government exit strategy - June 24th, 2009
- Goldman bonuses largest in firm's 140-year history - June 21st, 2009
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