Executive Calls ’30s Housing Solutions Superior

Posted on January 15, 2009. Filed under: Foreclosure Defense, Housing, Loan Modification, Mortgage Law | Tags: , , , , , |

A former Fannie Mae executive has deemed Depression-era efforts to modify ailing mortgages more successful than those being used in the current housing crisis. The executive, Edward J. Pinto, who was Fannie’s chief credit officer in the late 1980s, argues in a paper prepared for a research group that current modification efforts by the government and banks are lagging because they typically include past-due payments in new loans and because homeowners are qualifying for new loans that are too big for them to handle. “We’re entering into this housing crisis in a much weaker position than we did during the Depression,” Mr. Pinto said in an interview.

He is scheduled to deliver his paper, on which his remarks were based, to the American Enterprise Institute in Washington on Friday as part of a conference on the mortgage problems confronting the incoming Obama administration.

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One Response to “Executive Calls ’30s Housing Solutions Superior”

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everybody is affected by this economic crisis.

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