Document Type
Article
Publication Date
3-5-2009
Publisher
New York Times
Language
en-US
Abstract
TO stanch the hemorrhage of foreclosures, we don’t need another bailout. What we need is a fix — and the wisdom to see what is in our own self-interest.
An avalanche of foreclosures is coming — as many as eight million in the next several years. The plan announced by the White House will not stop foreclosures because it concentrates on reducing interest payments, not reducing principal for those who owe more than their homes are worth. The plan wastes taxpayer money and won’t fix the problem.
Recommended Citation
John D. Geanakoplos & Susan P. Koniak,
Matters of Principal
,
in
New York Times
(2009).
Available at:
https://scholarship.law.bu.edu/shorter_works/228
