Loan Relief Now

As we mentioned in the previous post, according to Federal Reserve chairman Bernanke, the Federal Reserve does not expect broader economic damage from the ever-increasing number of mortgage defaults. In light of recent efforts by Congress to regulate the subprime lending market by placing greater restrictions on lenders, Bernanke went even further. According to the chairman, placing broad restrictions on these practices may exacerbate the already mounting issues standing before the housing market. Legislation is currently being written in both the House and the Senate to deal with what is believed by some to be unfair lending practices, namely ambiguously language outlining the terms and conditions of the loans.

Fed Chairman Addresses Mortgage Concerns