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Politics : View from the Center and Left
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To: Dale Baker who wrote (40871)9/2/2007 9:30:32 AM
From: JohnM  Read Replies (1) of 541835
 
Dale, those illustrations of "high end" this or that miss the point of home mortgages. I gather the subprime market, where this started, consists largely of unregulated mortgage brokers and bad credit customers. But the effects of all this clearly reach well beyond either group. And into mortgage areas that are not subprime.

I think it needs more regulation. But since losing one's home and going into bankruptcy when the family is right on the margins of surviving, is likely to be an extremely destructive moment, some means should be found to get as many through it as possible. I like the argument that when mortgages were held by the banks who made the loans, folk who fell behind could renegotiate terms since neither the bank nor the mortgage holder benefitted from foreclosure.

That doesn't happen with the new structure of the mortgage business. I gather one of the policy goals is to find some way to implement something like it.
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