As Mary pointed out earlier in the week, the Obama administration’s anti-foreclosure plan has fallen far short of the millions of homes it was designed to save. Today, editorialists at The New York Times note the significance of that failure for the larger economy:
The economy
Sen. Dick Durbin (D-Ill.) took to the Senate floor on Thursday and talked about the implications of Congress’ cave to the banks on his mortgage “cramdown” proposal, which would have allowed bankruptcy judges to reduce loan amounts and keep borrowers out of foreclosure and in their homes. Durbin eloquently summed More…
With the Senate not exactly in a rush to pass a mortgage cramdown bill, the Association of Community Organizers for Reform Now (ACORN) is out with a report that cites a highly successful foreclosure prevention program that could be replicated elsewhere, with enough government support.
Since More…
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