Issues
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Mortgage Crisis The Bush Administration has initiated several voluntary programs to prevent the downturn in the housing industry from further affecting the economy. These programs couple lenders with government agencies and individuals to create solutions for those who face losing their homes due to their mortgage rates resetting. Additionally, provisions were included in the recently-passed stimulus package that would increase the ability of government sponsored enterprises to make loans, particularly in high costs areas. In my opinion, the federal government is cognizant of the importance of the mortgage industry and seeks to ensure that it remains viable. That said, I am also sympathetic to the arguments of those that feel government should not meddle in private markets or bail out homeowners who overextended themselves. Finally, I feel the government should prosecute and prohibit any illegal lending activity. |