October 31, 2007

Avoiding Another Mortgage Meltdown

Avoiding Another Mortgage Meltdown

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It's easy for Democrats to portray America's subprime loan crisis as a massive failure by a Republican led government and now 2 million American families could be about to lose their homes.

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Perhaps democrats have a point.� Many borrowers were confused and deceived by the tactics used to sell subprime loans.� Largely unregulated mortgage brokers falsified borrowers' incomes, reaped steep commissions for steering them into unnecessarily costly loans, and misled them about the true cost of borrowing.� Homeowners ignored the risks they were taking; government neglected its duty to warn them.� There was a failure of individual responsibility but, much more than that, a failure of minimalist regulation.

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Congressman Barney Frank, Democratic chairman of the powerful House financial services committee, recently introduced a bill that could help prevent a repeat performance.

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The bill would eliminate some of the perverse incentives that warped the market for such loans.� Mortgage originators would have a "duty of care" to make only those loans a borrower has a "reasonable ability" to repay.� The bill would ban the bonus fees paid to brokers for putting borrowers in overly expensive loans.

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Homeowners would be able to sue over improper loans, but investors who buy securitised mortgages would not be liable.� The bill bars costly class actions and excessive damages, and offers a safe harbour from liability for loans that meet certain criteria.

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This is a good first step towards responsible regulation.� Pretending government has no role in the crisis is simply irresponsible.

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What role do you think government should take in preventing another mortgage meltdown and foreclosure crisis in the future?� We'd love to hear your opinion.� Use the comment link below to tell us what you think.� Your email address, although needed to send us your comment, will NOT be posted with your comment.� We respect your privacy and do not publish anyone's email address here.� We look forward to hearing your comments.

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