Tuesday, October 26, 2010

The Mortgage "Rework"

Paul Krugman is asking why, after HAMP has been such a failure, there has been no second attempt to rework mortgages and "keep people in their homes." He is baffled why HAMP itself was such a failure as well. "[T]he money wasn’t even being spent," he bemoans.

Does it not occur to him that if banks cannot foreclose, then they probably cannot "rework" either? They haven't been able to rework these mortgages because they haven't been able to figure out who is actually holding them.

No comments:

Post a Comment