Lowell Deeds

The latest on real estate recordings and new technology from the Middlesex North Registry of Deeds in Lowell

January 13, 2009

Easing Credit and Slowing Foreclosures

by @ 5:16 pm. Filed under Real Estate, History

One of the many disputes now playing out in the search for an effective means of stimulating the economy out of its current black hole is whether to devote more money to easing the freeze in the credit markets by giving it directly to major financial institutions (as the first $350 billion allocated by Congress was employed) or to do more to assist homeowners who are either facing imminent foreclosure or who are one missed paycheck away from foreclosure because the balance of their existing mortgages exceed the current value of their homes. On the “George Stephanopoulos” show this past Sunday, President-elect Obama seemed to prefer an approach that aided homeowners. He talked about the need to use federal funds to get people into more affordable, more sustainable mortgages. In a speech today, however, chairman of the Federal Reserve Ben Bernanke said that while such short term measures would be politically popular, they would not address the fundamental problems that are holding our economy back. Only by freeing up the credit markets can we hope to have a real recovery. He suggested that much more than the $700 billion already appropriated will be needed to accomplish that.

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