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Thread: Congress must aid sub-prime victims

  1. #1
    Elite Member JamieElizabeth's Avatar
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    Exclamation Congress must aid sub-prime victims

    Wed Mar 14, 11:03 AM ET

    WASHINGTON (Reuters) - U.S. homeowners with subprime mortgages struggling under payments need federal government help to ease them through the crisis, a leading consumer advocacy group said on Wednesday.

    Fresh data on increased mortgage delinquencies and the collapse of several mortgage lenders have increased attention on subprime loans offered to borrowers with damaged or sketchy credit histories.

    As many as 1.5 million Americans could lose their homes as the subprime market shakes out, the National Community Reinvestment Coalition (NCRC) said, and so Congress should step in to protect those troubled homeowners.

    The group, which represents hundreds of low-income housing advocates across the country, said Congress should immediately step in to aid subprime borrowers.

    "As this crisis worsens, mortgage tsunamis will ravage working-class neighborhoods across this country," John Taylor, NCRC's president, said in a statement.
    The group said that it would outline details of its proposal in a conference call late Thursday morning.

    On Tuesday, two top Democratic lawmakers said that they were mulling legislation to tighten subprime lending rules and aid borrowers now in distress.

    In the U.S. Senate, Banking Committee Chairman Christopher Dodd (news, bio, voting record) said he may offer a bill to protect consumers who were "victimized" by subprime mortgages they can no longer afford.

    Meanwhile, the chairman of the U.S. House Financial Services Committee said he planned legislation that would restrict overly risky mortgages now that the subprime market is in turmoil.

    Rep. Barney Frank (news, bio, voting record), a Massachusetts Democrat, also said he did not think the subprime mortgage problems posed any broad threat to the U.S. banking system at this time.
    For more about the subprime mortgage crisis, see.
    Congress must aid subprime victims: consumer group - Yahoo! News

    That's just some f*cked up lending and investment into BAD corporations. 1.5 million people claiming to being "victimized" now needing support.

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    Elite Member Grimmlok's Avatar
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    ^^ sorry, your assessment is too facile to address the situation.
    I am from the American CIA and I have a radio in my head. I am going to kill you.

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    Elite Member Born In A Brothel's Avatar
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    I mean really, that's like asking the government to help bail you out of a bad stock investment.

    Real estate has risks too. Welcome to the real world where life throws you curveballs.

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    Elite Member JamieElizabeth's Avatar
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    ^^On the other post, the first response is a reaction to stock market. Well, that wasn't the point.

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    A*O
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    Thread #3 about the reality of realty.
    I've never liked lesbianism - it leaves a bad taste in my mouth
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  6. #6
    Elite Member Born In A Brothel's Avatar
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    Quote Originally Posted by JamieElizabeth View Post
    ^^On the other post, the first response is a reaction to stock market. Well, that wasn't the point.

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    Hit By Ban Bus! UndercoverGator's Avatar
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    Why should the government reward people for being stupid and greedy all at the same time?

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    Super Moderator Tati's Avatar
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    1. If it seems to good to be true, it probably is.

    2. Don't buy shit you can't afford.
    If you reveal your secrets to the wind you should not blame the wind for revealing them to the trees.

    - Kahlil Gibran

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    A*O
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    3. Read the small print. The devil is in the detail.
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  10. #10
    Hit By Ban Bus! AliceInWonderland's Avatar
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    i wish more ppl in this country were parented properly and taught how to stand on their own two feet and/or take responsibility for their actions/inactions.

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