Time to get tough on housing lenders? 0
Check the temperature! Hell must have frozen over — I find myself agreeing with someone in the Bush administration.
Treasury Secretary Henry Paulson had some strong words and dire warnings in relationship to current housing crisis. Paulson warned that the government and the financial industry should provide immediate help for homeowners who are at risk of foreclosure before the rates increase on their adjustable rate mortgages.
However, he also said a couple of things that I found particularly heartening. The first is that he called for tougher laws that prevent lenders from continuing to make the bad loans that created this crisis. The second was that the federal money going to help out homeowners should not be used to bail out lenders or property speculators (hmmm…where have I seen this before?)
Mark this date on your calendar. I have actually agreed with someone from Bush Co.
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