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Thursday, September 20, 2007

Remedying the nation's subprime mortgage crisis

September 20 2007
Treasury boss Paulson and Fed chief Bernanke tell House panel what they are doing on mortgage crisis and express concern over some proposals:
• Make more money available for mortgages to ease the credit crunch
• Give borrowers greater protection from predatory lenders
• Encourage homeowners to call their bank.
Those are just a few of the proposed remedies being debated in Washington for remedying the nation's subprime mortgage crisis. At a House Financial Services Committee hearing Thursday, Treasury Secretary Henry Paulson told lawmakers they should send troubled homeowners one simple but urgent message: "Call your lender or mortgage counselor today." He noted that 50 percent of foreclosures occur without borrowers ever talking to their lenders, and said that he has gotten reports that lenders have tried to reach distressed borrowers to work out more affordable loan terms. "Yet those calls rarely get returned," he said.


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