A New Kind of Fair Housing Debate
As Allison noted earlier, Treasury Secretary Henry M. Paulson finally feels it’s time for “more transparency” on Wall Street, especially if unregulated mortgage firms want access to the Fed’s money. As my story today noted, there’s a growing anger among housing advocates over what they see as special treatment from the Fed for subprime lenders, while homeowners facing foreclosures are told the government can’t help them.
Paulson’s overtures – coming about a decade too late, as it is – don’t seem to be doing much to stem that anger. Bear Stearns employees snapped pictures on their cellphones as activists from the Neighborhood Assistance Corp. of America protested at their offices today, complaining about the Fed bailing out the firm.
NACA is the group that pressured Countrywide into refinancing some of its high-rate loans.
It looks like the housing wars are just beginning.
