CU's solutions to the foreclosure debacle

The most recent notice from Consumers Union begins like this:

"What kinds of reforms will actually help families save their homes and stabilize the economy? They're pretty simple, really.

"- Encourage lenders to restructure loans so people can avoid foreclosure.

"- End lending practices that prevent people from refinancing or steer families into high cost loans when they qualify for better ones.

"- Stop lenders and brokers from putting people in loans they know the borrowers can't afford."

Greed is the driving force. CU summarizes:

"Lenders and brokers profit by maximizing the size and cost of loans. Brokers make more commission. Lenders make more fees. Then they sell off the loans to someone else and walk away. The companies who bought the loans can't fix them, but bailing out corporate America will not cure the problem."

CU is urging that Congress not bail out Wall Street without fixing the real problems. They ask citizens to "tell Congress to pass real reform for real people" and they provide a link from which to do this.

Do you care? Let Washington know you do at this link.