A few days ago we reported on Massachusetts’ move to force bankers to give troubled homeowners two more months grace time. It was designed to keep people out of [tag-self]foreclosure[/tag-self].
I didn’t think it was a good idea. And I certainly don’t believe other states should copy this example.
But New York City Comptroller Bill Thompson has a much more reasonable solution to the problem.
He has set up a hotline for homeowners in his area who are facing [tag-tec]foreclosure[/tag-tec]. They can get answers and counseling. Some will be sent to community organizations who may be able to assist in helping for some [tag-ice]mortgage[/tag-ice] payments.
Here is another article about a voluntary program adopted by several major companies in the mortgage business. Do they see the hand writing on the wall?