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Why rescue underwater borrowers?
http://njrereport.com/ index.php/ 2008/ 05/ 08/ why-rescue-underwater-borrowers/
From the WSJ: Keeping Families Above Water May 8, 2008; Page A2 The latest flash point in the debate over the nation’s bursting housing bubble is this: Since so many American houses are worth less than their mortgages, should the government do more to get lenders to settle for less than the full debt, even if it may cost taxpayers some money? The White House and Treasury say “No!” House Financial Services Committee Chairman Barney Frank and other House Democrats, with the quiet backing of Federal Reserve Chairman Ben Bernanke, say “Yes!” Of the 80 million houses in the U.S., about 55 million have mortgages.
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