The Chairman of the Federal Deposit Insurance Corporation says that the government is not doing enough to help the housing market.
In a piece written for the FT by Sheila Bair, she argues that "The US should fight the housing crisis by using low-cost government loans to help borrowers pay down unaffordable mortgages".
"These loans, which would be interest-free for the first five years, would be used to pay down part of the existing mortgage."
It may take more than that to bring the housing market back.
Douglas A. McIntyre
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