2009-07-24latimes.com

Federal programs aimed at modifying loans to stem foreclosures aren't working, witnesses told a Senate Judiciary subcommittee, and some lawmakers called on Congress again to pass a bill allowing bankruptcy judges to modify home loans -- a procedure known as mortgage cram-downs.

Separately, the Federal Reserve took steps to make lending terms more understandable as part of its efforts to avoid another mortgage meltdown, which triggered the deep recession worldwide.



Comments:

rocketrob at 07:44 2009-07-25 said:
Maybe the Fed can also prohibit the lenders from fraudulently making up their client's incomes, net worths and appraisals.... This would also help in the future! Permalink

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