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Governor Randall Kroszner said today, that a non-traditional approach is needed to help the real estate foreclosure crisis and the financial problems led by the recession.
The Governor spoke about the current crisis and he said that lenders have indulged and took the risk, when some had mortgage rations above 90%. According to the Governor the lending agencies should have expected the non payment when they let what he called ‘would-be buyers’ to get loans and a high rate.
The Governor said that the traditional refinancing method will simply not be sufficient due to the size of the crisis, reductions on the interest rate and extensions may be require, so that homeowners don’t lose their homes.
HUD Fair Housing Equal Opportunity