The Foreclosure Prevention Act, is a proposal by Representative Barney Frank and Senator Christopher Dodd to expand government mortgage guarantees and the Federal Reserve-backed sale of Bear Stearns Cos. to JPMorgan Chase & Co. Senate leaders agreed on April 2 on the legislation aimed at curbing home foreclosures, dropping a provision that would have allowed judges to alter mortgages for borrowers in bankruptcy proceedings. (Source: Bloomberg)
Every crisis is an opportunity for the government to intervene. There is nothing wrong with this idea. The objective is to protect the economy.
The problem is new legislation and regulations are added to old ones. New agencies are added to improve the level of protection that this great country deserves. Old and anachronistic agencies, however, keep staying.
It is in the nature of governments to get bigger and bigger. Let's hope someone in Washington recognizes the risk.
George Dagnino, PhD
Editor, The Peter Dag Portfolio
Since 1977
No comments:
Post a Comment