Home Mortgage Relief

Edward Yingling talked about the mortgage legislation in Congress, the causes of the U.S. economic situation, the future of the Troubled Asset Relief Program, and steps toward more federal oversight of the banking industry by Congress and the Obama administration. The American Bankers Association has opposed the “cramdown” provision of mortgage legislation that is expected again in the House early this next week, and some members are reportedly trying to work on a compromise. The legislation as debated on Thursday, February 26, 2009, would have allowed bankruptcy judges to write down the principal and interest rate of loans for people whose mortgages are higher than the value of their homes. After he left, the reporters discussed his responses with the host. close