Mark Zandi, Chief Economist at Moody’s Economy.com and former advsier to presidential candidate John McCain said today that the foreclosure prevention intiatives have been ineffective and that we will see more foreclosures in 2010, on C-SPAN at a forum by the Urban Institute. He also said that this will cause a drop in home prices.
Additionally Zandi also said the overalll outlook for the econony is not good. My opinion is that Zandi is right. The press and the politicians have been trying to convince us that things are getting better while we all see that things are getting worse. Zandi is courageous to tell the truth that things are not getting better and that these so called mortgaqe modification programs are not accomplishing anything. It is time that Congress give bankruptcy judges the power to modify home mortgages of debtors’ primary residences.
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