Exact(4)
If the Government do nothing to reform the fundamentals of the market, by building new homes or address mortgage credit, we will see prices continue to rise," McCann said.
So far, the report said, the Treasury Department still does not have the tools needed to monitor whether the banks that received Treasury investments are keeping their side of the bargain by using the money to expand available credit and address mortgage foreclosures.
The biggest banks are already negotiating with the attorneys general of all 50 states to address mortgage abuses.
As The Washington Independent's Annie Lowrey documented on Thursday, policymakers are only now pursuing programs that address mortgage default and foreclosure and unemployment as two sides of the same coin.
Similar(48)
Rather than just address mortgages held by Ms. Patrick's investors, however, Bank of America decided to reimburse investors in all 530 deals — nearly all of the subprime loans that were assembled and sold to private investors on behalf of Countrywide.
"Since there has been so little response from the federal regulators in terms of addressing mortgage lending abuses, including adding post-petition bankruptcy fees to borrowers' loans, it is refreshing and gratifying to see that the U.S. Trustee is taking an interest in this," Mr. Brennan said.
Some senators contend that the Treasury program, addressing mortgages whose low promotional interest rates had soared, is outmoded.
Republicans are also seeking a deal with Democrats on legislation to address the mortgage crisis, despite White House reservations about bailing out mortgage holders.
But changing home loans to reflect the new, unstable employment landscape is crucial if we want to address the mortgage crisis over the long term.
Various proposals are being batted around to address the mortgage morass; one is to do nothing and let real estate markets crash.
Brian Gardner, a senior vice president in Washington at Keefe, Bruyette & Woods, wrote to clients that Mr. Obama's address on mortgage finance was "important because the administration has not discussed it in some time".
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