How not to prevent foreclosures

Source: Editorial, NewYork Times (Free Registration)

With foreclosures surging, the last thing the nation needs is another government-hosted meeting where mortgage lenders pledge once again to do their utmost to help distressed borrowers stay in their homes — and then go back to the business of foreclosure. Yet, a meeting and a round of pledges is exactly what Senator John McCain called for on Tuesday, as if the country had not been down that fruitless road already. The real core of his speech was his argument against government action to help dig distressed homeowners — or the country — out of the mortgage mess. Mr. McCain’s talk therapy will not ease, let alone end, the worst foreclosure crisis since the Depression or the financial crisis that has erupted in its wake. But worse yet is what it says about the presumptive Republican nominee’s view of the economy and the government’s responsibility to protect and help its citizens.

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