"Every foreclosure story is someone’s tragedy; when there are hundreds of thousands, they’re a macroeconomic disaster. There’s widespread agreement that what’s happening to families like the Perezes mustn’t happen again—and heated disagreement over how exactly to prevent its happening. The White House, Congress, bankers, and assorted policy wonks are at odds on how to build a safer mortgage system. Low-income Americans don’t want lending standards so tough that they’re locked out of owning a home. Bankers fear restrictions that would kill their profits. Conservatives want government out of the mortgage market altogether, while liberals say that would spell the demise of affordable long-term fixed-rate loans.
The sooner America figures out a new mortgage finance system, the sooner lenders and borrowers alike will have the confidence to go ahead and make long-term commitments. So although housing is still deep in the hole, it’s time to take a page from Franklin D. Roosevelt’s playbook and plan for the peace while the war is still on"..........READ MORE
No comments:
Post a Comment