FreedomWide- DEBT CONSOLIDATION, LOWER MONTHLY PAYMENTS, CONSOLIDATE DEBT

WASHINGTON (Thomson Financial) - President George Bush and the two highest economic officials in the US government all objected strongly today to plans in Congress for changing bankruptcy laws to protect homeowners caught up in the mortgage meltdown.

The idea of allowing bankruptcy judges to restructure loans ‘wouldn’t be fair to millions who pay their mortgages each month on time and it would be unfair to future homeowners,’ Bush told reporters summoned to the White House for a morning press conference.

Later in the morning, Federal Reserve Board Chairman Ben Bernanke highlighted potential unfairness, telling Congress that allowing judges to ease the terms of some mortgages would ‘probably’ add to the cost of all mortgages.

‘I don’t know how much it would add,’ Bernanke told the Senate Banking Committee.

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Tags: bernanke, Bush, mortgage bailout, Paulson

This entry was posted on Saturday, March 1st, 2008 at 12:53 am and is filed under Mortgage News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.