Law makers urge Secretary Paulson to help homeowners, as they accuse Paulson of being unclear about his goals regarding the bailout, and not having a so called “exit strategy.” Secretary Paulson recently announced that he was no longer going to purchase bad mortgages, but move to credit card companies and student loan issuers. This move has lawmakers very upset as they say that, “clearly, part of this was not just to stabalize but to reduce foreclosures, for good economic reasons.”

Sheila Bair has also warned that if the government does not take additional actions that there will be about 45 million foreclosures, which could end up costing the government and the economy much more then they are ready for. So, Secretary Paulson, don’t forget about the homeowners.

This entry was posted on Wednesday, November 19th, 2008 at 1:52 pm and is filed under Foreclosure. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.