President Obama made a nice speech yesterday in Arizonian. He spoke about the mortgage crisis and the need to help homeowner. And he identified a new plan to do that.
The ideas presented focus on encouraging lenders to modify mortgages. It sounded, to some extent, like the same old rhetoric: “the mortgage companies can voluntary work [...]
Posts on ‘February 19th, 2009’
Obama Speech: Help For Homeowners
Mortgage modification won’t increase cost of home loans
Opponents to legislation to allow bankruptcy judges to modify home mortgages scream that such a prospect would raise the cost of everyone’s home loans in the future. If contract isn’t sacrosanct, they argue, lenders will have to raise the interest rate to cover the risk. Pretty scary stuff, if true.
But the claim is wrong on [...]