Straight Story: Look across the board
Treasury Secretary Henry Paulson has shifted his focus to consumer lending, but not to foreclosures. Economics correspondent Chris Farrell tells Scott Jagow we need more across-the-board solutions.
Economics editor Chris Farrell (American Public Media)
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From Poughkeepsie, NY, 11/16/2008
To Michael Casey - that sound like a bankruptcy code that puts the lender's skin in the game again, so that they will go back to assessing carefully if the borrower can pay and require a down payment to assure an equity cushion. They'd be much less likely to do loans with interest rates that hike during the course of the loan or require balloon payments. Hmmm - I think those are good things.
From NE, 11/15/2008
Question for Mr. Farrell: If the bankruptcy code is changed as per his suggestion, how difficult is it going to be for one to get a mortgage in the future if the lender knows that as soon as things start to go south for this borrower, the lender is at risk of having the mortgage contract rewritten by a bankruptcy court?
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