Schumer Urges Help for Homeowners

[cal04]

Sen. Charles Schumer urged federal regulators Wednesday to do more to help certain homeowners struggling to make mortgage payments.

The Democratic senator from New York made his plea in a letter to Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke — two men at the forefront of efforts to make sure the credit crunch that has rocked Wall Street doesn't undermine the economy.

Schumer asked Paulson and Bernanke to support a plan in Congress to provide $100 million to nonprofit housing groups to help troubled subprime borrowers — those with blemished credit histories — to refinance their homes.

Those borrowers have been hardest hit as interest rates have risen and home values have weakened. As a result, foreclosures and late payments have soared. The credit crunch, which started with these homeowners, has spread to other borrowers.

http://news.yahoo.com/s/ap/20070822/ap_on_go_co/schumer_mortgages_2

[HeraldSquare212]

1. PS

But please don't regulate my friends and donors in the financial industry.

Love, Chuck

[SoCalDem]

2. Sorry Chuck, it'll never happen

There are just too many homeowners.. The govt will bail out the lenders, but never the people losing houses.. This is the era of "personal responsibility", dontchaknow?

Think back to the Savings & Loan debacle or Enron or the dot.com bust.. did the "little people" come out of those "problems" , whole?

Nope.. they were told to suck it up, move on, get over it..