Sunday, July 20, 2008

States taking over on mortgage debt crisis

The federal government's utter failure to aid homeowners hit hard by the mortgage crisis has not escaped the notice of the state governments. Many of them, according to an interesting article in USA Today, have been taking measures into their own hands. All told, about 20 states have launched foreclosure intervention or prevention initiatives.

"There's a lot of frustration with Congress," says Chris Kukla of the Center for Responsible Lending. "States are looking at every avenue they can. When they go home to voters this fall, they'll be asked, 'Why didn't you do more?' "

These measures may not be enough, but it's something. Too bad our elected representatives and the President can't do anything at all.

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