Americans for Fairness in Lending Questions Effectiveness of President Bush Proposals to Help Homeowners Avoid Foreclosure

Press Release (PDF)

Professor Cathy Mansfield, Chair of the Board of Americans for Fairness in Lending (AFFIL), released the following statement in response to the speech made yesterday by President Bush on helping homeowners to avoid foreclosure:

“President Bush’s statement is not only ‘too little, too late,’ it is also misguided in terms of the help he does offer to American homeowners. While it’s good that President Bush does not want the government to bail out speculators—many of them made huge profits on the backs of borrowers for years before this recent crisis—he needs to realize that by turning a blind eye, government and regulators set the stage for the current crisis. He needs to promote borrower relief that has at least some chance of staving off the national and personal foreclosure crisis that is in full swing and will only get worse.”