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...ld be reexamined.
The last part of my approach is to enact consumer protection for those who were responsible with their mortgages but just came across tough times. We need to create insurance policies for people with loans that would make mortgage payments if they are unemployed, sick or injured, and cannot work. Mortgage insurance would provide protection for the both consumer and the value of the housing market, and is a critical piece in preventing foreclosures.
I sincerely hope that Obama’s administration takes urgent steps in promoting practical solutions to the housing crisis and takes precautionary measures to ensure that history does not repeat itself. It will be interesting to watch the future unfold as the “teaser rate” mortgages default and to see how government intervention affects the outcome of this unique situation facing the American people.
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