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CRL Responds to Sec. Geithner's "Financial Stability" Plan

February 11, 2009

In this statement, the Center for Responsible Lending (CRL) emphasized the need to stabilize the housing market and prevent foreclosures in order to stabilize the larger economy.

The administration’s forthcoming plan to address the foreclosure crisis must:

  • Allow judicial modification of home loans
  • Incentivize the industry to modify more of the unaffordable loans it made
  • Take direct action to break the obstacles preventing home loan modifications, and
  • Use $100 billion of the Troubled Asset Relief Program (TARP) funds, rather than $50 as proposed in the “Financial Stability” plan, to prevent foreclosures.
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One Comment
  1. Kimm Tynan permalink
    February 13, 2009 12:08 am

    I disagree that the “industry” should be “incentivized” to modify loans. It should be “REQUIRED,” “MANDATED” to modify loans. Let’s drop this namby-pamby “incentivizing” these crooks to stop dragging the world economy into a Depression, shall we? Hell, invoke patriotic duty if you have to. That’s what would have happened during the first Great Depression. I’m tired of these criminals being “incentivized.” They should be arrested. No one “incentivizes” me, as a low-paid legal services attorney, to defend their victims. This is twisted. Stop ***-ing around.

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