Jan 27, 2008

Edward Ketz on proposed bills to prevent subprime foreclosures

It punishes those who have acted prudently and rewards bad decisions by homeowners who bought what they could not afford. It gives incentives for future homebuyers to act rashly, because they may believe Washington will rescue them from error and greed.

~ Edward Ketz, accounting professor, Penn State University, "Freezing Teasers," Mortgage Meltdown blog, December 17, 2007

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