Friday, October 15, 2010

Paul Krugman Stole My Idea On How To Deal With The Foreclosure Crisis

"What should be happening? The excesses of the bubble years have created a legal morass, in which property rights are ill defined because nobody has proper documentation. And where no clear property rights exist, it’s the government’s job to create them.

That won’t be easy, but there are good ideas out there. For example, the Center for American Progress has proposed giving mortgage counselors and other public entities the power to modify troubled loans directly, with their judgment standing unless appealed by the mortgage servicer. This would do a lot to clarify matters and help extract us from the morass."

I proposed this idea two days ago. Not bad for a grouchy unwashed old blue collar iconoclast, eh? Does this make me mainstream media? Now it's time for the politicos to actually make it happen. Loan modification here we come.

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