Amidst Foreclosures, A New Committee Will Look Into Economic Reforms Soon

By:


The real estate industry in the US is in the throes of a crippling crisis. What with unemployment at its zenith, people are faltering on mortgage payments. Hence, foreclosures of homes have become a common phenomenon.

Now a panel has been set up to look into the financial crisis that is crippling the nation. This panel has been modeled on the lines of the 9/11 Commission.

The Financial Crisis Inquiry Commission with 10-members on board held a meeting recently. The team has a budget of $5 million. What is surprising is that the report will be submitted long after the Congress comes up with a new law to stave off another financial meltdown triggered off by Wall Street collapse. There will also not be any significant effect on the Congressional races.
The co-chairperson of the commission is a Democrat by the name of Phil Angelides. Republican Bill Thomas is also the other chairperson of the committee. Thomas happens to be the former chairman of the House Ways and Means Committee. The executive director of the panel is Thomas Greene. He is a high-flying lawyer. He has been in charge of a case that was fought against the tobacco industry. The case had resulted in a settlement of $26 billion. Greene had also been responsible for cases against Enron and an antitrust lawsuit against Microsoft. The panelists background has been released by the committee.

It may be noted that at the beginning of the year, the Democratic leaders and White House had stated that the revamp of the financial system was the main priority. But there is no uniformity on how there could be a method to the madness. There is yet no agreement on what should be the structure and form of the regulatory authority.

The government, it may be pointed out, had come up with a $787 billion bill to speed up recovery. The government had also come up with a Making Homes Affordable program. According to this program, loans would be modified and down payments made to borrowers to avert foreclosures. However, the government gave importance to global warming and health care before dealing with the financial collapse firmly.

The Congress agrees that the present system is not very stringent. It allows banks to write bad mortgage which is again sold off to the investors. Experts observe that the situation will improve only when more jobs are created.

About the Author:
Julie Thompson, has been working on foreclosure1.com studying the foreclosures market, helping buyers on the finer points of Foreclosure . Try to visit foreclosure1.com and begin your Foreclosure Listings search.



Article Originally Published On: http://www.articlesnatch.com


Tags: , , ,

|

Loading...
Related....
Videos...

Recent Real-Estate Articles

Comments

Still can't find what you are looking for? Search for it!

Loading

Site Navigation:

Copyright 2005-2011 ArticleSnatch, LLC - All Rights Reserved.
Privacy Policy | Terms of Service.