This is good news: Treasury Secretary Henry Paulson has started talking about even more help for struggling mortgage holders, expanding federal relief to include not just subprime mortgagees, but also those with better credit scores who received prime rates at closing. Some 1.8 million adjustable rate mortgages are expected to reset at higher rates in the next two years.
Big picture quote from this story:
On Monday, Paulson had said in a speech in New York that the current housing correction was "inevitable and necessary" following five years of an unsustainable boom which saw sales and home prices hit record levels.
Yes, let's revamp our lending procedures, but I'll argue it's even more important to the economy to keep people in their homes.
(Pix: Paulson speaks, Bush listens.)
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