THE BASIS POINT

Six Major Lenders To Stop Foreclosures

 

In conjunction with Treasury Secretary Henry Paulson, six major lenders announced a plan to stop foreclosures on defaulting borrowers to give them a chance to keep their homes. This is a good sign that banks are willing to help ease the housing market pain, and also a tacit admission of the perils of loose underwriting guidelines. Everyone loses if foreclosures continue en masse.

 

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