When was the last time the feds ordered the privately-owned banks to rewrite loans?
Never—that's when.
the Federal Reserve and the five other federal agencies that regulate banks issued this statement just last week:
"Prudent workout arrangements that are consistent with safe and sound lending practices are generally in the long-term best interest of both the financial institution and the borrower…Institutions will not face regulatory penalties if they pursue reasonable workout arrangements with borrowers."
Heebner: “The Greatest Price Decline in Housing since the Great Depression” (Bloomberg News interview)
“the bubble was caused by creative housing finance made possible by the emergence of a deregulated global credit market through finance liberalization. The low cost of mortgages lifted all US house prices beyond levels sustainable by household income in otherwise disaggregated markets”
the Federal Reserve and the five other federal agencies that regulate banks issued this statement just last week:
"Prudent workout arrangements that are consistent with safe and sound lending practices are generally in the long-term best interest of both the financial institution and the borrower…Institutions will not face regulatory penalties if they pursue reasonable workout arrangements with borrowers."
Heebner: “The Greatest Price Decline in Housing since the Great Depression” (Bloomberg News interview)
“the bubble was caused by creative housing finance made possible by the emergence of a deregulated global credit market through finance liberalization. The low cost of mortgages lifted all US house prices beyond levels sustainable by household income in otherwise disaggregated markets”
