There is no doubt we have a serious challenge before us; mortgage foreclosures are on the rise, home prices are on the decline and investor confidence in the secondary market is dwindling. The bottom line is foreclosures do not have to happen. The data shows almost half of homeowners who are in distress, but get counseling are able to stay in their homes.

I support the initiative of mortgage brokers and loan servicers to work with troubled borrowers to keep home owners in their homes if they can afford it. I also believe we need to ensure that, going forward, borrowers are not offered attractive loans they will not be able to repay when their introductory “teaser” rates expire.

This entry was posted on Thursday, March 27th, 2008 at 3:20 pm and is filed under Politics, Economy/Budget .