Here’s the opening paragraph from an article I found this morning:
WASHINGTON (Reuters) — A leading member of the Senate Banking Committee is drafting legislation that aims to assist mortgage borrowers now facing foreclosure, sources familiar with the work said Monday.
You can read the complete article here.
More from the article:
The National Community Reinvestment Coalition is pushing lawmakers to create a national mortgage rescue fund to help troubled borrowers and wants mortgage lenders to delay foreclosure action until a loan is more than 60 days late.
Okay, now here’s today’s Question of the Day:
Am I the only one who thinks this is a dumb idea? Instead of spending money on a band aid, why don’t we instead educate people? Or, will education even work?
I don’t think bailing people out of a situation that they got themselves into is the answer.