NY Assembly Passes One Year Foreclosure Moratorium Bill

Note that this is not a blanket moratorium. We got a kick out of this little snide remark from one lawmaker:

“The federal government was quick to bail out big businesses like Bear Stearns from near-collapse, but seems to have all but forgotten the everyday common household victims of this national crisis,” said Assembly Speaker Sheldon Silver.

The sentiment is well-received, I'm sure, but we'd remind the Speaker that the Federal Government is not the Fed, which more or less acted on its own, as a renegade bureau answering to no one. The Federal Government (proper) has in fact done absolutely nothing. And we're not so sure that's such a bad thing -- maybe the lenders should have to make good on distressed loans themselves.