Don’t penalize Americans
June 15, 2009 | Center for Responsible Lending, industry | Comments (0)Tim Miller at Center for Consumer Freedom says Center for Responsible Lending wants to subsidize irresponsibility. From his letter in the Sun Sentinel:
Subsidizing irresponsibility is a favorite hobby for CRL. This past spring, the group’s lobbyists unsuccessfully pressed Congress to pass mortgage modification rules known as “cramdown.” CRL’s proposal would have bankruptcy judges erase mortgage debt for home buyers who couldn’t keep up with their payments. That’s nice for the homeowners who benefit from the federal fairy godmother, but the steep losses on those loans would force mortgage providers to raise costs for everyone else.
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