The Wall Street Journal had an interesting article on a new idea working it’s way through congress to save consumers from themselves. They’re calling it the Sarbannes Oxley for Housing. That says it all right there.
Happily the WSJ gave me the numbers I keep being interested in. With all the bankruptcies, how do those numbers relate to new homeowners?
But for all the demonizing, about 80% of even subprime loans are being repaid on time and another 10% are only 30 days behind. Most of these new homeowners are low-income families, often minorities, who would otherwise not have qualified for a mortgage.
And isn’t that good news?
With new protections, the above wouldn’t have happened.