Congress calls for “mortgage czar” By Alister Bull and Mike Peacock Wed Oct 3, 4:38 PM ET
WASHINGTON/LONDON (Reuters) – Lawmakers called on Wednesday for a ‘mortgage czar’ to help cope with an expected wave of foreclosures from the U.S. housing slump but Alan Greenspan said the credit crunch was past the worst.
The last thing America needs is Congress getting involved in the housing market. The majority of the problem was created by lenders who knowingly allowed people with less than good credit or people who would not ever be able to qualify for a loan obtain one or purchase a home under an Adjustable Rate Mortgage. The people who are advocating this are now asking the American taxpayers to fund and bail out millions of people who were financially unstable and unqualified in the first place. I am not against Americans owning a home. But I am completely against funding a Federal agency to pay for millions of people who did not meet the qualifications.