Governors demand federal leadership on subprime mortgage crisis
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mortgage crisis, subprime February 25th, 2008WASHINGTON - Governors from across the United States, including New York’s Eliot Spitzer, called on the Bush Administration to deliver a comprehensive solution to the ongoing mortgage crisis. As more Americans lose their homes, the governors have taken actions and stand ready to partner with the federal government to deliver critical relief to homeowners in need.
The governors, who are in Washington for the annual National Governors Association Winter Meeting, said federal efforts have failed to offer substantive relief to the majority of distressed homeowners.
The governor present said the two plans offered by the Bush Administration fall short of delivering a comprehensive solution because they exclude the majority of homeowners who need help. One plan includes only homeowners who are at least 90-days delinquent but who are not within 30 days of home sale in the foreclosure process, while the other makes no provisions for homeowners who were more than 30 days in default, close to foreclosure, or who have entered the foreclosure process (therefore helping only 15 to 20 percent of those in need).
Tags: mortgage crisis, subprime
