Wednesday, September 09, 2009


Frank's going to bring it back again, and I hope this time the Obama administration actually supports it (they supposedly supported it before, but didn't put any pressure on anyone).

If this had been enacted 2 years ago, things would be so much better now. It isn't a perfect solution to the burst housing bubble and foreclosure crisis, but there is no perfect solution. I'd even support a very limited version, one which exempted 30-year fixed rate mortgages and one which only covered, say, mortgages taken out during 2002-2007, when lending standards went out the window entirely.